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2015 (4) TMI 471 - AT - Income TaxComputation of the full value of consideration of the property - Computation of capital gain - whether the AO was right in substituting `the full value of the consideration received or accruing as a result of the transfer of the capital asset’ with the ‘fair market value’ determined by the DVO - Held that:- when the legislature has provided to consider the full value of the consideration received or accruing as a result of the transfer of the capital asset, there can be no question of the AO substituting it with the fair market value as determined by the DVO. Of course, the AO is entitled to carry out investigation and conclusively prove with some clinching evidence that the ‘full value of the consideration received or accruing as a result of the transfer of a capital asset’ was, in fact, any amount higher than the one depicted in the sale deed. In the absence of any such an evidence, there can be no scope for frustrating the prescription of section 48, which mandates that the computation of capital gains should be done by considering the full value of the consideration received or accruing as a result of the transfer of a capital asset. A mere report of the DVO estimating higher value of the property cannot be considered as an evidence of the actual full value of consideration received or accruing as a result of the transfer of capital asset. It is manifest from a copy of the Registered sale deed that the stamp value of the property is the same figure - Additions made by AO is not correct - Decided against Revenue.
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