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2015 (8) TMI 454 - AT - Income TaxAddition made by following the valuation method u/s.50C - Assessing Officer applying Section 50C adopted the full value of consideration of assessee’s 1/18thshare as ₹ 24,91,704/- and worked out the long term capital gain at ₹ 9,89,396/- as against loss of ₹ 1,83,713/- worked out by assesse - Held that:- In view of the provisions of section 50C(2) of the Act, we are of the considered view that the AO was not justified in adopting the value of the property as adopted by the "stamp valuation authority" without referring to the DVO for ascertaining the fair market value of the property. Therefore, the orders of the authorities below on this issue are hereby set aside and the additional ground raised by the assessee is restored back to the file of AO to decide the same in accordance with law. - Decided in favour of assessee for statistical purpose.
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