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2017 (12) TMI 1043 - ITAT JAIPURReopening of assessment - valuation adopted by the A.O. - working of capital gain - reference of matter to DVO - Held that:- Assessing Officer adopted the value at ₹ 1,56,95,100/- as adopted by the DIG (Stamps). The assessee has only challenged the valuation adopted by the A.O. at ₹ 1,56,95,100/- before the ld. CIT(A). The ld CIT(A) has granted the relief sought for by the assessee in his appeal. Now what is claimed in the appeal of the assessee is not a justified claimed. He himself has adopted the value for working out the capital gain at ₹ 52,40,700/-. Only enhancement was challenged before the ld. CIT(A). At the stage of CIT(A), the matter was referred the matter to the District Valuation Officer, who has valued it around ₹ 29,83,500/-. Now the assessee’s AR claims that this value should be substituted for the value declared by him in his return of income. On this issue, we are of the view that once the assessee has himself has offered the value adopted by the Registering Officer at ₹ 52,40,700/- and filed the return of income and paid the taxes. Then there is no scope for reduction. He has also not agitated this valuation before the ld. CIT(A) in any of his grounds of appeal. Only plea was to adopt the value at ₹ 52,40,700/- in place of ₹ 1,56,95,100/-, therefore, we find no merit in this plea of the ld AR of the assessee. After considering all the aspects of the matter, we sustain the order of the ld. CIT(A).
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