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2013 (11) TMI 208 - AT - Income TaxValuation of property – Held that:- The guideline value is Rs. 3,95,91,000 – The valuation made by the assessee’s banker is Rs. 1.21 crores - The valuation made by the District Valuation Officer is less than the guideline value at Rs. 3,54,73,536 - All the variables are changing from time to time, from authority to authority, it is not possible to reject the contentions of the assessee as a whole - The valuation reported by the District Valuation Officer cannot be accepted - Equal importance shall be given to the other findings by the Commissioner of Income-tax (Appeals) – Taking into consideration all aspects of the case, the consideration accountable in the hands of the assessee-company for the purpose of section 50C is fixed at Rs. 2.5 crores - Decided partly in favour of assessee.
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