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2019 (5) TMI 996 - AT - Income TaxCapital gain computation - adoption of fair market value as on 01.04.1981 by assessee - ascertaining the fair market value of the property - non reference to DVO - assessee sold 75.046 cents of land together with two residential houses for a total sale consideration of ₹ 4,75,52,850/- and land was purchased prior to 1981. The assessee estimated the fair market value of land as on 01.04.1981 - CIT(A) was of the view that the AO was not justified in restricting the FMV of the subject land as on 01.04.1981 at ₹ 2992/- per cent and directed the AO to adopt ₹ 50,000/- per cent as Fair Market Value of land as on 01.04.1981 for the purpose of computation of capital gains - HELD THAT:- It cannot be said that the value of the property which was considered by the Tribunal in the case of Kurian Joseph [2015 (3) TMI 484 - ITAT COCHIN] is identical. As such, in the present case, the CIT(A) cannot determine the fair market value determined on the basis of the Tribunal order in the case of Kurian Joseph. Accordingly, we vacate the findings of the CIT(A) on this issue. In our opinion, the fair market value is to be determined by the DVO instead of determining the value by the Assessing Officer/CIT(A) without taking the technical expert’s opinion. Hence, we remit this issue to the file of the Assessing Officer and direct him to get the valuation report for the impugned property from the DVO and decide the issue afresh. Needless to say that the DVO has to consider the various actual transactions which took place during the relevant period and in the immediate vicinity of the impugned property. Hence, this ground of appeal of the Revenue is partly allowed for statistical purposes.
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