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2021 (4) TMI 865 - AT - Income TaxCapital gain computation - CIT(A) directing to adopt the value determined by the DVO as against the value determined by the Stamp Duty Authority - HELD THAT:- We find on perusal of the CIT(A) order, at the time of assessment the assesse has agitated the applicability of provisions of Sec. 50C of the Act for adopting the value determined by the registering authority, therefore the matter was referred to the departmental valuation officer (DVO) as per Sec. 55A(a). Whereas,the DVO report was not received in the assessment proceedings and the assessment order was passed u/s 143(3) of the Act on 27.12.2016. Subsequent to the assessment order, the assesse has filed an appeal on 24.01.2017 with the CIT(A). As per the observations of the CIT(A) the DVO report dated 10.03.2017 was sent to the A.O only after completion of assessment.The value determined by the DVO is ₹ 1,61,13,000/-.We find that the powers u/s 251 of the Act of the CIT(A) are co terminus with the A.O. therefore, the CIT(A) considered the provisions of law, DVO report and relied on the Hon’ble Tribunal decisions and granted relief to the assessee. We find that the CIT(A) has considered the judicial decisions and passed reasoned order, which cannot be interfered and accordingly we uphold the same and dismiss the grounds of appeal of the revenue.
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