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2021 (5) TMI 520 - AT - Income TaxLong Term Capital Gains (LTCG) addition as per Department Valuation Officer (DVO's) report after invoking section 50C - Revenue's case as per the Assessing Officer's stand is that the DVO's report herein had determined final valuation of the assessee's property and the same ought not to have been disturbed in the CIT(Appeals) order keeping in mind all the corroborating material facts- HELD THAT:- No substance in the foregoing argument of Revenue for the clinching reason that the relevant capital asset herein is situated in industrial area developed by APIIC (a state government body itself) carrying necessary in-built conditions regarding the proposed activity to be carried out thereupon. The said asset could only be used for industrial and other specified purposes in an institutional/industrial area otherwise therefore. DR failed to dispute that the DVO report therein has not taken into consideration the same as he had gone by other consideration regarding plot size, location, approach from the main road and nature of the locality only. It is further evident that the CIT(Appeals) has already adopted twice the specified value fixed by M/s. APIIC value for industrial plots and still the same comes to ₹ 8,91,93,400 as against the declared sum of ₹ 9,06,00,000. We thus find no reason to interfere with the CIT(Appeals) conclusion under challenge deleting the impugned addition. - Decided in favour of assessee.
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