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2013 (12) TMI 548 - HC - Income TaxWhether valuation made by AVO instead of DVO is liable to be rejected - Held that:- Inspite of clear directions for an estimation of the value of the property to be made by the DVO, if the valuation is more than Rs. 50 lacs, the report was submitted by the Assistant Valuation Officer (AVO) - The CIT (A) considered the description of the property and found that the method of valuation adopted by the AVO is a development method, which is the most appropriate method in the absence of any reliable sale instances and approved lay out plan as per master plan - The protest procedure prescribed in Section 50C (2) was followed in which the objections of the assessee were considered to the valuation report. The CIT (A) and the Tribunal agreed with the elaborate findings given in the report of Valuation Officer in support of the fair market value - The valuation in such case could be carried out only by DVO, does not in any way affect the findings as the ground is of technical nature - The valuation report was considered in detail, and the method of valuation and the reasons were found to be valid after considering the assessees objection - Decided against assessee.
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