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2014 (1) TMI 1313 - AT - Income TaxValuation of property – Computation of long term capital gain – Held that:- The assessee had adopted the value as per the registered valuer report whereas the AO had adopted the value as per the DVO who had valued the property as on 1.4.1981 - The DVO had valued the property on the basis of two comparable sale instances - the assessee had specifically asked for details of comparable sale instances so as to file reply in the matter - full details of property giving the name of the road and registration no. etc had not been given - once the DVO/AO is relying on comparable cases the detail of properties is required to be given to the assessee so that it could file proper reply - on the land/ property there was full-fledged structure which was used for ware housing purposes, value of which had been taken at nil - The matter regarding the valuation of structures requires fresh consideration as even the structure was old it could not be said that the value was nil – thus, the matter remitted back to the CIT(A) for fresh adjudication – Decided in favour of Assessee.
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