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2017 (7) TMI 257 - AT - Income TaxAddition made towards long term capital gains - assessee has not filed return of income u/s 139 - assessee filed return of income in response to notice u/s 148 - Held that:- AO was not justified in basically taking the purchase document value at ₹.3,80,000/- ++, which was purchased in 1993. Neither the assessee has produced any valuation of Registered Valuer for adopting the purchase cost at ₹.23,50,000/- for acquisition of land nor similar instance in the surroundings or even the Assessing Officer has obtained the opinion of the DVO for estimating the cost of acquisition of land. AO has not justified saying that there was no appreciation on the value of land acquired in the year 1993 and sold in the year 2009. Either in the village or in the city, there would be some appreciation on the value of the property or especially from the year 2006 onwards, there was appreciation more than double the value of the cost of the property. For assessing the value of furniture as well as other expenses such as brokerage, etc. also AO has estimated the value without any basis. Thus to assess the cost of acquisition of land, the Assessing Officer should refer the matter to the Valuation Cell to assess the market value of the property and after giving an opportunity of hearing to the assessee, the issue may be decided in accordance with law. - Decided in favour of assessee for statistical purposes.
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