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2022 (3) TMI 33 - ITAT PUNECapital gain computation - Non reference to DVO - AO rejected the report of the Registered Valuer taking the rate of ₹ 17 per sq.ft. as on 1.4.1981 - HELD THAT:- There is neither any reference to the receipt of the report of the DVO nor of carrying out any rectification to align the original computation of capital gain with the values as per the DVO’s report. This course of action is impermissible. The contention of the ld. DR that the assessee did not extend co-operation to the DVO as a result of which the valuation could not take place, is neither here nor there. It is trite that even if an assessee does not extend co-operation in any proceedings under the Act, there are well defined ways and means to complete the proceedings. Once the assessment was finalised by expressly agreeing and specifically mentioning that the computation of capital gain was “subject to rectification/revision as per valuation report of the DVO”, it was all the more obligatory on the part of the AO to honour his words and do the needful. It is a matter of record that the AO did not give effect to his own undertaking which was a pre-condition of the assessee accepting the values proposed by the AO. In such a scenario, we are unable to countenance the view taken by the authorities below in the matter of computation of capital gain. We, therefore, set aside the impugned order and remit the matter to the file of the AO for obtaining the report of the DVO as admitted in the assessment order and then compute fresh amount of capital gain as per law after allowing adequate opportunity of hearing to the assessee - Appeals are allowed for statistical purposes.
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