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2019 (1) TMI 18 - ITAT KOLKATALTCG - addition after invoking section 50C - challenge to the DVO’s valuation - quantification of depreciation - Held that:- It is an unadmitted fact that the assessee had claimed the said factors to be having 10%, 15%, 10% , 5% and 25% depreciating value on the relevant capital asset. The DVO accepted the former four issues to the extent of 3% in first and 3rd , 2% each qua second and 4th whereas 5th issue of unauthorized structures stands rejected. It is therefore more a case of quantification of the said depreciation factors in the former four issues only. The authorities below have gone by this tribunal former remand order (supra) in rejecting the assessee plea to this effect. We do not find any merit in the same as the said issue of quantification was never adjudicated in remand directions earlier. It appears that there is a lot of difference between assessee’s claim of quantification vis-à-vis as that accepted by the lower authorities. It ranges between 3 to 10% qua 1st and 3rd aspects, going as high as i.e. 15% and 2% qua the second aspect of large land size and 5% and 2% qua the fourth aspect of sloping ground. We therefore deem it appropriate to treat this issue to conclude that larger interest of justice would be met in case the AO is directed to adopt fair market price of the relevant capital asset to be average of assessee’s and DVO’s valuation‘s issue - Appeal of the assessee is partly allowed in above terms.
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