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TMI Blog2014 (4) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... e 50% undivided right, title and interest in the Peddar road flat and garage, by adopting the cost of acquisition as on 1.4.1981 of the flat and garage at Rs.400/- per sq. ft and Rs.100/- per sq. ft, instead of Rs.1200/- per sq. ft and Rs.300 per sq. ft. respectively, as submitted by the appellant in his return of income, b. the ld. CIT(A) erred in taking into consideration the objection that were raise by the appellant in respect of the valuation adopted by the DVO" 3. Assessee is a non-resident staying in Italy. He was owner of ½ share of flat No.15, and Garage of 120 sq.ft. located at Kailash CHS, Peddar Road, Mumbai- 400026, which was inherited by him from his father. For computing capital gain on the sale of said flat, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... obtaining the valuation report due to the fact that assessment was going to be time barred, Ld. CIT(A) has taken the value determined by DVO at Rs.5,68,800/- wherein the DVO has taken value of flat at Rs.400/- per sq. ft. and Garage at the rate of 100 per sq. ft.. During the course of appellate proceedings, the assessee pointed out to ld. CIT(A) that valuation done by DVO is at lower side and also filed certain sale instances in the submissions made before him. The ld. CIT(A) findings that DVO also had given certain parallel instances to arrive at FMV of the flat as on 1.4.1981. Therefore, the ld. CIT(A) observed that it would be fair and reasonable to adopt the valuation determined by DVO and accordingly he has directed the AO to take the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for admission of report obtained by the assessee from Registered Valuer. 7. We have heard both the parties and their contentions have carefully been considered. During the course of assessment proceedings, the report of DVO was not available to the AO. The same was taken into consideration while adjudicating the appeal by ld. CIT(A) during the course of first appellate proceedings. The assessee had also relied upon certain sale instances, and this fact has been admitted by ld. CIT(A). The ld. CIT(A) has not given any reason to deviate from the sale instances relied upon by the assessee and has simply observed that the report of valuation carried out by DVO is fair and reasonable. In view of such non speaking order of ld. CIT(A), we are of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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