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2022 (4) TMI 802 - AT - Income TaxCapital gain computation - STCG - FMV determination - AO completed the assessment by taking into consideration of SRO’s value as per section 50C - HELD THAT:- Case of the assessee is that before the DVO, when the assessee has asked specifically the sale instances locally where the land and building is situated, without giving any such information, the DVO has determined the value of the property is not correct. We find that nowhere the assessee has stated that the sale consideration cannot be applied at Rs..7,10,00,000/- due to difficulties in the property such as no approach road, litigation, or any other reason neither before the DVO nor before the Assessing Officer or before the ld CIT(A) or even before the Tribunal. Assessee has no reply/explanation as to why the fair market value adopted by the SRO cannot be applied in the case of the assessee. Therefore the objection of the assessee is liable to be rejected. By considering the SRO’s value and DVO’s report, the Assessing Officer has adopted the SRO’s value as per section 50C - in the assessment order, the AO has correctly adopted the fair market value of the land and building at Rs..7,10,00,000/- by invoking the provisions of section 50C and the ld. CIT(A) has rightly confirmed the assessment order. Hence, we find no reason to interfere with the order passed by the ld. CIT(A). Thus, the ground raised by the assessee is dismissed. Rectification u/s 154 - CIT(A) has omitted to consider the valuation report of M/s. D. Parthasarathy Associates, a chartered engineer, which was submitted during the course of hearing is a mistake apparent in the ld. CIT(A)’s order and prayed for rectification - HELD THAT:- CIT(A) has rejected the above contention of the assessee on the ground that the assessee has not filed any application under Rule 46A of Income Tax Rules, 1962 in relation to the admission of additional evidence. The assessee has also not filed any evidence of having filed an application under Rule 46A of the IT Rules before the ITAT. Thus, the ground raised by the assessee is dismissed.
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