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2017 (8) TMI 1253 - AT - Income TaxComputation of the long term capital gain by applying the provisions of sec. 50C - dual valuation reports one by Departmental Valuation Officer and other by Registered Valuer of Income Tax Department - determination of Fair Market Value - Held that:- When the DVO’s report has not taken into account vital facts, it cannot be a basis for substituting the stamp duty valuation fixed by the registration authority of the State Govt. It is open to the appellate authorities to examine both the valuation reports and come to a conclusion as to which report gives the fair market value of the property. The contention of the ld. DR that the valuation made by the DVO cannot be looked into or interfered with by the appellate authorities is not correct. The issue of determination of 'Fair Market Value' is a finding of a fact and the report of the DVO is an opinion in arriving at this fact. The report of the DVO or the registered valuer is an expert opinion and it can be challenged and questioned by the parties before the authorities. When this DVO’s report is proved as wrong, then it is open to the authorities to reject it and adopt other methods for arriving at the “ fair market value . Sub-sec.(3) of Sec.50C provides for adoption of the value ascertained under sub-sec. (2) as the full value of consideration. In the case on hand, on facts, the fair market value arrived at by the Registered Valuer and accepted by the ld. CIT(A) has not been controverted by the ld. DR. The order of the ld. CIT(A) is a reasoned order. Hence we uphold the same. - Decided against revenue
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