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2015 (3) TMI 672 - AT - Income TaxComputation of capital gain - CIT(A) replacing the sale consideration to the stamp duty valuation invoking provisions of section 50C - Reference to DVO - CIT(A) considering the Cost of Acquisition of the Land as on 01.04.1981 and treating the Cost of Acquisition of the Development Right as on 01.04.1981 against sale value of entire Land - Held that:- Respectfully following the case of CIT vs. Pooja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT ] we hold that no adjustment to the value as on 01.04.1981, as returned by the assessee, could be made with reference to the DVO's report dated 27.12.2012. The DVO's report dated 27.12.2012, in-as-much as it relates to the determination of FMV of land as on 01.04.1981, thus, could not be taken cognizance of; the reference in its respect to the DVO being bad in law. - Decided in favour of assessee. Whether the cost of acquisition to be set off is to be of the cost of land or of development rights therein - Held that:- The sale value having crystallized (at ₹ 48.695 cr.), it is the value of the same asset, both quantitatively and qualitatively, value of which has been accepted, that, as on 01.04.1981, shall stand to be set off there-against in computing the LTCG arising to the assessee on its transfer. - Decided in favour of assessee.
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