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2014 (2) TMI 424 - AT - Income TaxValuation of property – Cost of acquisition valued at FMV – Held that:- reference by the Assessing Officer to the DVO under section 55A for valuation of FMV of the property as on 1-4-1981 is not valid for the reasons that FMV declared by the assessee as per Government registered valuer's report was more than the FMV as estimated by the DVO. Since determination of the FMV as on 1-4-1981 was based on the report of the DVO, the same is held to be invalid. - the order of the CIT(A) set aside and the AO is directed to adopt the valuation as given and relied upon by the assessee – Decided partly in favour of Assessee.
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