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2015 (12) TMI 131 - ITAT CHENNAIAdoption of fair market value of capital asset as on 1.4.1981 and also adoption of value u/s.50C(2)for computation of capital gains - Held that:- In this case, the AO adopted the fair market value of the land as on 1.4.1981 at ₹ 30,000/- per ground as against ₹ 3 lakhs adopted by the assessee, on the basis of valuation of Sub- Registrar’s office, which was not put before the assessee for comments. Further, the AO adopted the sale consideration at the guideline value of ₹ 2,82,18,792/- as against the value admitted by the assessee as per sale deed at ₹ 1,20,00,000/-, though the assessee objected the same by producing the valuation report from the Registered Valuer. In our opinion, objection expressed by the assessee is to be considered in proper perspective. Whenever the AO places reliance on the valuation report received by the DVO, the same should be communicated to the assessee for her comments and decided thereupon. The assessee before us pointed out that there are certain discrepancies in the valuation report, which is detrimental to the interest of the assessee and it is appropriate to call for the comments and details from the assessee. Therefore, we are of the opinion that it is appropriate to remit the issue to the file of the AO. Regarding fair market value of the property as on 1.4.1981, the AO shall find comparable cases, which shall be at the vicinity of the property. Accordingly, we remit the entire issue to the file of the AO for fresh consideration after giving adequate opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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