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2020 (9) TMI 320 - AT - Income TaxValidity of reopening of the assessment u/s 147 - HELD THAT:- Assessee has not filed any application for admission of additional ground/plea. Assessee even has not filed the reasons recorded by the A.O. and in absence of the reasons recorded, this issue raised by the assessee cannot be decided. Assessee except raising this ground, has not pointed out as to how the reopening of the assessment is invalid - assessee has never objected to the validity of the reopening either before the A.O. or before the ld. CIT(A) and has not sought any leave of this Tribunal to raise such a fresh plea/ground first time, therefore, we reject grounds No. 1 and 2 of the appeal raised by the assessee. Addition on account of long term capital gain - FMV determination - A.O. received information regarding sale of immovable property by the assessee alongwith two other co-owners - HELD THAT:- When the property in question as assessed by the Stamp Value Authority as non-agricultural land then the fair market value as on 01/04/1981 should have been considered for non-agricultural land instead of agricultural land. No substance in this contention of the assessee because the land being an agricultural land is not in dispute. Due to development of the area over the period, the land is no more exempted u/s 2(14) of the Act and the assessee has accepted this fact by declaring the long term capital gain on sale of this land. Even otherwise, the assessee has not disputed the location of the land which is one of the most important factors for determining the fair market value at the time of sale. Since this land in question has been inherited by the assessee alongwith two other legal heirs, therefore, the fair market value as on 01/04/1981 would be taken as per the status of the land on that date. Subsequent change in the surrounding circumstances would not alter the status of the land as on 01/04/1981. A.O. has rightly taken the fair market value as on 01/04/1981 by taking a comparative sale instance. The second objection raised by the assessee is against determination of the fair market value by the DVO U/s 50C(2) though, the assessee has contended that the value of the land should have been taken as it is mentioned in the sale deed. However, the fair market value determined by the DVO has not been questioned by the assessee by bringing any material or facts contrary to the said valuation. - Decided against assessee.
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