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2015 (5) TMI 898 - AT - Income TaxCapital gains computation - adopting the circle rate u/s 50C or documented price in sale deed - Held that:- In the instant case, the assessee had raised a plea that the fair market value of the impugned property is below the circle rate. Moreover, we find that the assessee had taken up a specific ground before the CIT (A) that the impugned property sold ought to have been referred for valuation since the fair market value was less than the circle rate. In the instant case, since specific claim was raised by the assessee as regards fair market value being less than the circle rate, going by the dictum laid down by the Tribunal in the case of Sarwan Kumar vs. ITO (2014 (1) TMI 1625 - ITAT DELHI), the Assessing Officer ought to have referred the matter to the DVO for valuation of the impugned property. Therefore, this issue is restored to Assessing Officer for the purpose of referring the impugned property for valuation u/s 50C(2) of the Act and thereafter proceed to determine the capital gains on the property in question - Decided in favour of assesse for statistical purposes.
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