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2018 (12) TMI 1593 - AT - Income TaxCapital gain computation - reference to DVO - fair market value determination - Held that:- There is a merit in the argument of the assessee in respect of the land adjacent to cemetery, instead of 10%, 15% should have been granted. Insofar as passing of electrical wires, DVO considered 5%, in my opinion, he should have been granted 10%. So far as property is away from village, there is no merit in the argument of the the assessee. In this respect, find that 5% deduction considered by the DVO is fair and reasonable. The DVO overall by considering the negative factors, he has considered 20% deduction while ascertaining the fair market value, by considering the facts and circumstances of the case and also negative facts, he should have been granted overall 30% deduction. It is just and fair to allow 30% deduction instead of 20% granted by the DVO by considering the negative factors to the land. Therefore, the order passed by the CIT(A) is set aside and direct the Assessing Officer to calculate the capital gains in view of the above finding. - Appeal filed by the assessee is partly allowed.
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