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2022 (3) TMI 1294 - DELHI HIGH COURTCapital gains u/s 45 - FMV determination - explanation as to why the improvement cost in excess of what has been reported in the valuation report of DVO should not be disallowed from the cost of acquisition of the above-mentioned property for calculation of capital gains under Section 45 - HELD THAT:- Upon perusal of the paper book, this Court finds it strange that though the property in question was mortgaged in favour of Yes Bank, yet the property in question was sold to a company in which the wife of the person in management of the Yes Bank was a Director. Further, admittedly, the property in question was sold by the Petitioner below the circle rate (stamp value rate) contrary to Section 50C of the Act. Consequently, this Court is of the view that the AO has the jurisdiction to examine in detail the transaction in question. In view of the aforesaid, this Court is of the opinion that the present writ petition is bereft of any merit. Accordingly, the writ petition and applications are dismissed.
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