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2020 (10) TMI 657 - AT - Income TaxLTCG Computation - valuation of the property - Reference to VO - AO to refer the matter to the Valuation Officer (VO) to obtain the correct value of such land - exemption u/s 54F - HELD THAT:- Assessee had filed its objections to the Valuating Officer which have been considered by the V.O. V.O. has not referred to the sale instances filed by the assessee, but has taken the guideline value of the SRO for the relevant year. The assessee has filed sale instances and as seen therefrom the sale consideration mentioned therein for similar properties was around ₹ 2,50,000/-. These sale instances were two to three years prior to the sale executed by the assessee. Therefore, they may not reflect the actual market value of the property as on the date of the sale. However, giving weightage to the sale instances, we deem it fit and proper to adopt the market value of the property at ₹ 2,000/- per sq.yard and direct the AO to recompute the long term capital gain by adopting the same and bring the long term capital gain to tax after allowing the other relevant expenditure and exemption u/s 54F. Assessee’s appeal is partly allowed.
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