Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 275 - AT - Income TaxCapital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - entire basis of the DVO is based on the value given in the Nabhi’s guide and thereafter, he has made certain adjustment - FMV ascertainment - deduction u/s.54 claimed - HELD THAT:- Nabhi’s rates are nothing but merely compilation of DDA’s auction rate based on reasonable estimation and if he is applying the auction rate of Safdarjung area during the year 1981 which cannot be held to be applicable for the locality of Vasant Vihar which is far more developed area. If the authorities while fixing the circle rate for a particular area has categorized any area to be a A-category, then it cannot be compared with the area categorized as B-category having a lower circle rate. Thus, this factor alone vitiates the DVO’s report and the basis adopted by him. If assessee has filed Approved Valuer’s report taking into consideration various factors applicable for the area of Vasant Vihar, then same does not loses his credence to DVO’s report. It has to be given a credible importance and it cannot be said that the DVO’s report should supersede the Approved Valuer’s report. Even, the comments of the DVO on the registered valuer report is not adverting to the point, as to why Safdarjung rate has been applied at Vasant Vihar. Looking to the fact that Approved Valuer have given a report on the basis of which assessee has estimated a fair market value of the property as on 1.4.1981, is to be accepted. We hold that the value of the property as on 1-4-2018 has to be taken at ₹ 69,26,000/- as determined by the registered valuer, and therefore, the addition made by the Assessing Officer is directed to be deleted - Decided in favour of assessee.
|