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2013 (11) TMI 74 - AT - Income TaxDetermination of FMV as on 1.4.1981 - Value adopted by Valuation officer u/s 50C to be taken or the Valuation adopted in the Wealth tax act be adopted for computation of capital gains under Income Tax Act – Held that:- Report given for the Wealth tax purposes need not be considered for the Income tax purposes, particularly for computation of capital gains - Valuation reports of the department along with the Wealth tax report of Shri Umrigar are to be considered viz-a-viz the report of Shri Ganjawala. The assessee’s objection on adopting report of Shri Umrigar for the purpose of capital gains also required detailed examination of the AO - Since the issue of adoption of value under section 50C was referred to the AO by the CIT(A), this issue also required to be set aside to the file of AO. Therefore, both issue of sale consideration under section 50C(2) and cost of acquisition as on 01.04.81 for computing of capital gains should be examined by AO afresh – Decided in favor of Assessee for statistical purpose.
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