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2017 (3) TMI 1827 - AT - Income TaxLTCG Computation under section 50C - Valuation of property - Additional capital gain made by invoking the provisions of section 50C - refer the matter before the DVO - value adopted by the DRO - HELD THAT:- Before confronting the fair market value adopted by the SRO as higher, the assessee has not directly approached the AO to refer the matter before the DVO to determine the fair market value, but against the value adopted by the SRO, the assessee has appealed before another authority i.e., District Revenue Officer (Stamps), Chennai. Against the value determined by the District Revenue Officer (Stamps), Chennai, which was adopted as market value of the property by the SRO, neither the Department nor the Tribunal can alter or modify the value. The dispute over the valuation of market value ended with Revenue authorities of the State Government. Therefore, the value adopted by the DRO cannot be challenged before the Tribunal. After challenging the value determined by SRO before the DRO (STAMPS) for assessing the market value, and paid the difference of stamp duty and got released the document on 16.08.2011, the assessee cannot confront the rate determined by the DRO before the Assessing Officer. Even though the Assessing Officer obtained DVO rates, which is similar to the value determined by the DRO, the Assessing Officer taken the difference in value of DRO and SRO for working out the long term capital gains and the actual difference was brought to tax. Under the above facts and circumstances, we sustain the addition made by the Assessing Officer and confirmed by the ld. CIT(A) and thus, the ground raised by the assessee is dismissed.
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