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2024 (2) TMI 787 - AT - Income TaxLTCG accrued on sale of two urban lands - determination of fair market value of the land - grievance of the assessee is that the AO committed patent error in working out sale consideration and indexed cost of acquisition without obtaining report from DVO and rejecting the valuation report furnished by the assessee - HELD THAT:- Looking to the totality of the facts and particularly, when the AO had himself referred the matter to the DVO to ascertain the FMV of the land in question and the valuation submitted by the assessee was not accepted, the impugned order is hereby, set aside and the AO is directed to frame the assessment afresh after considering the valuation report submitted by the DVO if any, in accordance with law. Request for admitting the claim u/s 54B not admitted - CIT(A) being the First Appellate Authority ought to have admitted the claim since the judgement of Hon’ble Apex Court in the case of Goetz (India) Ltd [2006 (3) TMI 75 - SUPREME COURT] do not put any fetters on the powers of Appellate Authority. Moreover, law is well settled that if any, deduction is available under law, same shall be allowed to the assessee. Appeal of the assessee is partly allowed for statistical purposes.
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