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2019 (11) TMI 202 - AT - Income TaxCapital gain computation - Non obtaining a valuation report from the DVO the capital gain of a particular property can be determined by the authorities below rejecting the valuation done by the registered valuer as relied upon by the assessee - HELD THAT:- AO rejected the valuation made by the registered valuer as relied upon by the assessee but has failed to decide the issue upon obtaining a copy from the DVO regarding the valuation of that particular property which is now a settled legal position in view of the several judicial pronouncements including the order passed by the Hon’ble Jurisdictional High Court as relied upon by the Co-ordinate Bench. AO has failed to obtain the DVO’s report which ought to have been done by the authorities below. Surprisingly, the CIT(A) is also failed to perform such statutory duties conferred upon him. Hence, we find the decision made by the AO, confirmed by the CIT(A) is not in coherence adhere to the principle laid down by the different judicial pronouncement and having no other alternative, we quash the impugned order for the reason as discussed above. We find it and proper to remit the issue to the file of the Learned AO to decide the matter afresh upon obtaining a copy from the DVO to ascertain the fair market value of the property in question as on 01.04.1981 and also upon giving a reasonable opportunity of being heard to the assessee and to take into consideration any evidence that the assessee may choose to file at the time of hearing of the matter. Hence, the assessee’s appeal is allowed for statistical purposes.
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