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2018 (1) TMI 185 - ITAT PUNEValuation of the property to the Departmental Valuation Officer (DVO) u/s 55A - Held that:- We find that Ld.CIT(A) after considering the various decisions cited in the order and the decision of Bombay High Court in the case of Pooja Prints (2014 (1) TMI 764 - BOMBAY HIGH COURT) has noted that the assessee had considered the valuation of the property as on 01.04.1981 at ₹ 35.99 lakhs on the basis of valuation report. AO had referred the impugned property to the DVO for valuation and the DVO valued the same at 6.68 lakhs. Ld.CIT(A) noted that in view of the decision of the Hon’ble High Court of Bombay in the case of Pooja Prints (supra), wherein the valuation of the property declared by the assessee was not less than its fair market value, reference to DVO u/s 55A is not permissible. Ld.CIT(A) has further placed reliance on various decisions cited in the order. Before us, Revenue has neither placed any contrary binding decisions in its support nor pointed out any fallacy in the findings of Ld.CIT(A). In view of the aforesaid facts, we find no reason to interfere with the order of Ld.CIT(A). Thus, the grounds of the Revenue are dismissed.
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