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2019 (4) TMI 1648 - ITAT INDORECapital gain computation - Addition by accepting the value as recommended by the DVO - DVO valued at different price of adjacent piece of land - HELD THAT:- Provision of section 50C are not applicable as in the present case, agreement was executed on 15.1.2001, while section 50C was introduced by Finance Act, 2002 applicable from 1.4.2003. Secondly, the valuation adopted by the DVO is not correct as the DVO has adopted different value for the same piece of land. As per the DVO, for one piece of land, it is adopted @ ₹ 591/- per. Sq.ft. and in the case of other buyer, it is ₹ 451/- per sq.ft. The rival submissions and material placed on record. Two different values have been taken by the DVO considering the contemporary cases, the value so adopted is excessive. DVO has not given reason to adopt values of the adjacent piece of land. We therefore, direct the A.O. to adopt the value @ ₹ 451/- per sq.ft. as adopted by the DVO for one part of the land and compute the addition accordingly. This ground of the assessee’s appeal is partly allowed.
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