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2023 (10) TMI 545 - ITAT AHMEDABADUndisclosed income of capital gain - determination of cost of acquisition - AO found that the value adopted by the appellant was without any basis and which seems to be on higher side, a reference was made to the Valuation Officer u/s 55A of the Act for determining the fair market value of this property as on 01.04.1981 - HELD THAT:- Appellant never submitted this valuation report earlier during the course of assessment proceeding, neither raised any objection before the Valuation Officer in regard to the valuation of the land on the rate adopted by the Valuation Report as reflecting from the valuation report dated 15/16-3-2016, the copy whereof has already been reproduced by the Ld. AO in the assessment order. Taking into consideration this particular aspect of the matter, the working of capital gain furnished by the appellant was not found to be acceptable and the value determined by the Valuation Report Dated 15/16-3- 2016, the cost of acquisition of land as on 01.04.1981 at Rs. 19,024/- and taxable LTCG has been computed As valuation certificate has been obtained by the appellant from the Registered Valuer only upon re-assessment proceeding initiated and not submitted to the Ld. AO till 28.03.2016 by which period the Valuation Report from the DVO dated 15/16-3-2016 has already been obtained by the Ld. AO., and no objection was raised by the appellant against the DVO's report, neither any evidences were sought to be relied upon by the appellant in respect of value of the land in question, the Ld. CIT(A) confirmed the addition. It is an admitted fact that on 28.03.2016, the Ld. AO received the valuation report submitted by the appellant, much after the valuation report dated 15/16-03-2016 as obtained by the Ld. AO from the DVO . In spite of the several opportunities, no objection was filed in regard to the same by the appellant neither any evidence has been relied upon even during the appellate proceeding. Thus, we do not find any reason to interfere with the order of confirmation of addition made by the Ld. CIT(A) which according to us is just and proper. The same is, therefore, upheld. The appellant’s ground of appeal is found to devoid of any merit and, thus, dismissed. Decided against assessee.
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