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2015 (7) TMI 1331 - AT - Income TaxCapital gain computation - AO rejecting market valuation as on 01.04.1981 as calculated by the Registered Valuer as against calculated fair market value without taking expert opinion - HELD THAT:- The assessee filed report of Registered Valuer in support of the market value as on 01.04.1981. AO was not having any evidence or material before him to contradict the report of the Registered Valuer. AO, if was not satisfied with the report of the Registered Valuer, could have made a reference to the Departmental Valuation Officer under section 55A for the purpose of computing income from capital gains. AO has thus, not acted in accordance with law and without any basis or evidence in his possession, did not accept report of the Registered Valuer. In the absence of any material on record, AO should not have made his own calculation for the purpose of computing the capital gains. The orders of the authorities below, thus, cannot be sustained in law. We, accordingly, set aside the orders of authorities below and direct AO to accept valuation reported by the assessee as per report of the Registered Valuer as on 01.04.1981 and accept the computation filed by the assessee. - Decided in favour of assessee.
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