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2016 (11) TMI 744 - AT - Income TaxComputation of long term capital gains on sale of land - adoption of sale consideration as per Stamp Valuation Authority and also Fair Market Value of the property as on 01.04.1981 - Held that:- Reference was made to the valuation officer in order to determine the fair market value as on 01.04.1981 on the pretext that the fair market value as declared by the assessee which was backed by Registered Valuer Report, was higher, which is not correct. The issue raised in the present appeal is squarely covered by the ratio laid down by the Hon’ble Bombay High Court in CIT Vs. Puja Prints (2014 (1) TMI 764 - BOMBAY HIGH COURT ) and following the same parity of reasoning, we find no merit in determination of Fair Market Value as on 01.04.1981 by the DVO than the value as declared by the assessee as on 01.04.1981 applied for determining the income from capital gains in the hands of assessee. Reversing the order of CIT(A), the additional ground of appeal raised by the assessee is allowed.
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