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2014 (10) TMI 1027 - AT - Income TaxCapital gain computation - treat fair market value (‘FMV’) of the assessee’s land acquired @ ₹ 5,16,200/- per ground as on 1.4.1981 OR ₹ 10,000/- per ground treated in re-assessment framed on 11.11.2011 - Revenue’s only grievance is that the CIT(A) ought to have taken ‘FMV’ of the property as on 1.4.1981 as per the Sub-Registrar’s correspondence - HELD THAT:- A co-ordinate bench of the 'tribunal' has already averaged the two values qua the same property in assessment year 2006-07. AO has re-opened the assessment on the basis of his findings in the said assessment year. Revenue fails to point out any distinction on facts. In these circumstances, we hold that the CIT(A) has rightly adopted average of the two valuations in partly accepting the assessee’s contentions. The CIT(A)’s findings under challenge are affirmed. The Revenue’s grounds stand rejected.
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