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2015 (11) TMI 1782 - AT - Income TaxLong-term capital gain - deemed sale of consideration of the property on the basis of DVO's report - determining the fair market value of the assessee's property - action of the AO in adopting the higher sale consideration as per the market value determined for stamp duty purpose for invoking the provision of section 50C - HELD THAT:- Respectfully follow the ratio of the decision of the Hon'ble jurisdictional High Court in the case of Asha Devi Agarwal [1987 (6) TMI 18 - CALCUTTA HIGH COURT] and direct the AO/DVO to compute the fair market value of the let out portion of the assessee's property by taking into consideration the rent actually receivable by the assessee from the tenants. The assessee has also contended that if the valuation of the let out portion of the assessee's property is done by taking into consideration, the actual rent receivable by the assessee from the tenants, the total fair market value of the property of the assessee as per such revised estimation would be less than the sale consideration of ₹ 1,30,00,000/- shown by the assessee and there would be no case of making addition on account of capital gain. We direct the Assessing Officer to verify this contention of the assessee and if it is found after recomputation of the valuation of the assessee's property that the fair market value is less than the sale consideration shown by the assessee, no addition shall be required to be made on this issue. - Appeal of the assessee is treated as allowed.
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