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2017 (12) TMI 1777 - AT - Income TaxCapital gain computation - FMV determination - reference to DVO - Adoption of fair market value @ ₹ 300/- per sq. yard as on 01-04-1981 - HELD THAT:- There is a wide gap in land rate as given by Registered Valuer and actual sale instances cited by the DVO. Registered Valuer had simply stated in the Valuation Report that the rate of land as on 01-04-1981 is ₹ 1400/- per sq. yard based on local survey. No sale instance is quoted to arrive at such rate by Registered Valuer. Registered Valuer’s valuation of land @ ₹ 1400/- per square yard is not based on any independent supporting document. It is simply mentioned in the valuation report that rate is based on local survey. However, what evidences were gathered in the survey to arrive at such rate is not provided. Therefore, in my considered view the value adopted by the Registered Valuer at ₹ 1400/- per sq. yard is very high and unreasonable. The DVO had given sale instances of the same locality. The assessee relied on sale instances which are from far away areas from the location of concerned property. Keeping all these relevant facts in view, the rate adopted by ITAT, Jaipur bench in first round at ₹ 300/- per sq. yard is quite fair and reasonable. Hence, the Bench directs to adopt the fair market value @ ₹ 300/- per sq. yard as on 01-04-1981.
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