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2017 (1) TMI 116 - AT - Income TaxCalculation of capital gain - determining the FMV - Adoption of value of the property as per Stamp Valuation Authorities for the purpose of section 50C - lower authorities have not referred the matter to the Valuation Officer before substituting the stamp value as per stamp valuation authority as consideration for the purpose of calculating the capital gain - Held that:- From the facts and ratio laid down by Hon'ble High Court in the case of Sunil Kumar Agarwal [2014 (6) TMI 13 - CALCUTTA HIGH COURT ] if the assessee disputes the value as per stamp valuation authority to be substituted in place of sales consideration for the purpose of calculation of capital gain , then the AO should refer the capital asset to valuation Officer to determine the full value of the consideration received or accruing as a result of transfer of capital asset u/s 50C(2) of the Act. In the instant case before us the assessee is disputing the substitution of stamp valuation as per stamp valuation authority as FMV for the purpose of calculation of capital gain and the matter of determining the FMV should be referred to the DVO. Hence, in the present case, we are inclined to set aside the order of the CIT(A) and restore the issue back to the file of the AO for fresh adjudication of the issue of long term capital gain arising out of sale of plot after referring the matter to DVO and hearing the assessee by affording a fair and reasonable opportunity. The appeal of the assessee is allowed for statistical purposes.
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