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2015 (1) TMI 1479 - AT - Income TaxCapital gain computation - adoption of the value of the property taken for the purpose of stamp duty as sale consideration - determination of the fair market value of the land sold in the light of provisions of section 50C - difference between the valuation declared and fair market value estimated by the DVO - HELD THAT:- CIT(A) has noticed the irregularities committed by AO by not making reference to the DVO on the objections raised by the assessee with regard to the fair market value of the property and directed the Assessing Officer to make reference to the DVO as per provisions of section 50C(2) of the Act and consequently the DVO has determined the fair market value and report was submitted to the ld. CIT(A) by the Assessing Officer. We do not find any infirmity or illegality in this exercise, as effort was made by the ld. CIT(A) to make compliance of the provisions of the Act in order to determine the fair market value of the land. - difference in the estimated value by the DVO and the sale consideration declared by the assessee was only 11.9% of the value estimated by the DVO. Since the difference was nominal, CIT(A) has directed the Assessing Officer to adopt the sale consideration declared by the assessee. In this direction also, we do not find any infirmity or illegality. We, therefore, having agreed with the order of the ld. CIT(A), confirm his order. -Decided against revenue.
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