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2021 (4) TMI 716 - AT - Income TaxCapital gain computation - capital gains in respect of the property given on development in the year under consideration instead of assessing the same in the year of construction permission - AO has adopted the SRO value for arriving at the value of land and building as on 1.4.1981 - HELD THAT:- We find that the assessee has submitted registered valuer’s report, whereas the AO has adopted the SRO value for arriving at the value of land and building as on 1.4.1981. It is settled law that where an assessee disputes the SRO value, and the AO is not satisfied with the report submitted by the assessee, in such circumstances, the AO ought to have referred the matter to the Valuation Officer u/s 55A of the I.T. Act. The assessee had relied upon various case laws in support of this contention As relying on Shri Barjinder Singh Bhatti [2015 (7) TMI 1216 - ITAT CHANDIGARH], Padarti Venkata Rama Chandra Rao [2016 (11) TMI 203 - ITAT VISAKHAPATNAM] and Ajanta Tubes Ltd. [2019 (10) TMI 601 - ITAT DELHI] we remand the issue to the file of the AO with a direction to refer the valuation of the property to the Valuation Officer and after obtaining his report, the AO shall recompute the taxable capital gain
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