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2013 (6) TMI 288 - ITAT MUMBAIValuation - Computation of Capital Gains - Power of AO to refer to DVO u/s 55A - Reopening of assessment - Held that:- The relevant portion of the assessment order where AO himself has written that these assessments are subject to rectification/revision on receipt of valuation report of the DVO, Mumbai which also include letter written to BMC in respect of assessment year 2009-10, have already been reproduced. Therefore, it was in the mind of AO that his calculation may vary subject to these valuations and letter from BMC. These are evidences of AO and department cannot go back from his own stand to contend that cognizance of such report cannot be taken as AO has no authority to refer the valuation under section 55A. However, the land has been valued by the DVO which has power and skill to determine such value. If the evidence is available on record then it will be inappropriate to compute capital gain without taking cognizance of that evidence just for the reason that the same is going against the revenue. It has already been pointed out that it is the evidence collected by the revenue and when the valuation has been disputed by the assessee, such authenticated evidence cannot be ignored simply for the reason that AO does not have power u/s 55A to refer the same to the DVO. Therefore, matter for both the years should be restored back to the file of AO with a direction to re-compute the capital gain in the light of valuation report received by AO for these properties and also the letter from BMC in respect of assessment year 2009-10. Appeal filed by the assessee is considered to be allowed for statistical purposes in the manner aforesaid.
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