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2019 (5) TMI 1128 - AT - Income TaxCapital gain computation - determination of the FMV of the property as on the date of conversion - reference to DVO for valuation - taxable event - HELD THAT:- As apparent that the report of the Registered valuer does not have any authentic basis for the FMV of the land as on the date of conversion. On the other hand, the view taken by the AO in fixing the FMV of the land at ₹ 8.41 crore is equally not proper in as much as he has taken such value on 10-10-2013, whereas the land was converted into stock in trade on 01-04-2012. It is thus seen that both the values do not represent the FMV of the property on the date of conversion. FMV of the property on the date of conversion needs to be determined afresh on a rational basis. Set aside the impugned orders and remit the matter to the AO for making a reference to the Departmental Valuation Officer (DVO) for a fresh determination of the FMV of the property as on 01-04-2012, after entertaining objections, if any, from the assesses and then proceeding accordingly. Unexplained investment - AR contended that the assessee were not given proper opportunity to explain their position regarding the source of investments in the bank accounts - HELD THAT:- Without commenting on the merits, it would be in the interest of justice if the impugned orders are set-aside and the matter is restored to the file of the respective AOs - Appeals are allowed for statistical purposes.
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