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2017 (6) TMI 1148 - ITAT PUNEComputation of long term capital gains on sale of hotel land and building - action of Assessing Officer in making reference under section 55A to the DVO to determine the Fair Market Value of property as on 01.04.1981 - Held that:- The issue arising in the present appeal is identical to the issue before the Tribunal in co-owner’s case and following the same parity of reasoning, find there is no merit in computation of income in the hands of assessee as determined by the Assessing Officer. The reference made under section 55A of the Act by the Assessing Officer to the DVO to determine the Fair Market Value of property as on 01.04.1981 which was worked out to be lesser than the value declared by the assessee on the basis of Registered Valuer’s Report, is not warranted. CIT(A) is set aside and the Assessing Officer is directed to delete the addition made on this account. The grounds of appeal raised by the assessee are thus, allowed.
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