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2023 (2) TMI 708 - AT - Income TaxCapital gain computation - Determing sale consideraation - adopting the value of the property as fair market value instead of actual sale consideration - Applicability of provision of 50C - HELD THAT:- DVO has taken into consideration the highest sale instance as mentioned at Sl. No. 1 of the aforesaid chart, which is of dated 26.12.2013 @ 3,47,141/- per Sqm, but deliberately failed to consider the other instances mentioned at Sl. No. 2, 3 & 4 even dated 07.08.2014. As in the instant case, the property under consideration was sold in the financial year 2015-16, therefore, the instances of financial year 2014-15 would be most relevant for determining the sale consideration. Hence, considering the peculiar facts and circumstances, we deem it appropriate to direct the Assessing Officer to take into consideration, the average of three instances as mentioned at Sl. No. 2 to 4 of the chart referred to above and also add the fair market value of covered car parking as well, while estimating the fair market value of the property, as on the date of transfer and determine/compute the capital gain accordingly. Appeal filed by the Assessee stands allowed.
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