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2015 (1) TMI 645 - AT - Income TaxLong Term Capital Gain on Transfer of land - deduction in respect of payment made to his sister for allegedly settling the dispute in the property/land denied - Held that:- Even if the assessee has made the payment to his sister Mrs. Aarti Sameer Nimgaonkar the said payment was not for removing any encumbrance. Moreover, as per the WILL and other documents the said Mrs. Aarti Sameer Nimgaonkar was not having any interest in title of any property. We, therefore, hold that the Assessing Officer has rightly denied ₹ 16,00,000/- to the assessee. Accordingly, Ground No. 1 is dismissed. - Decided against assessee. Index Cost of Acquisition - partly allowing the cost of trees standing in the property - Held that:- As per the valuation report filed by assessee there were 169 mango trees and also other trees. The approved valuer is having the PHD in the Horticulture who has made the valuation of the trees as on 01-04-1981 at ₹ 11,60,000/-. It is also seen that the said property was given the name of “Ambarai”. When the assessee has filed the valuation report from the Govt. approved agricultural valuer then the matter should have been referred to the Govt. Valuer for valuation if the valuation report was not accepted. Nothing has been discussed by the Assessing Officer as well as the Ld. CIT(A) why the valuation made by the approved valuer is not correct. We, therefore, allow the Ground No. 2 and direct the Assessing Officer to accept the valuation of the trees as made by the approved valuer as on 01-04-1981 and accordingly worked out the capital gain. - Decided in favour of assessee
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