TMI Blog2014 (5) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on him - The CIT(A) has only directed the AO to re-compute the capital gain as per the report of the DVO – there was no reason to interfere in the order of the CIT(A) - Decided against Revenue. - ITA No. 4595/Del/2011 - - - Dated:- 30-4-2014 - Shri G. D. Agrawal And Shri Chandra Mohan Garg,JJ. For the Appellant : Shri S. N. Bhatia, DR For the Respondent : None ORDER Per G. D. Agrawal, VP : This appeal by the Revenue is directed against the order of learned CIT(A)-XXVI, New Delhi dated 5th July, 2011 for the AY 2001-02. 2. At the time of hearing before us, none appeared on behalf of the assessee neither there is any request for adjournment. We, therefore, deem it proper to proceed in the matter after hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received on 14.12.2009. During assessment proceedings, the assessee also produced the valuation report of the DVO in the case of another shareholder. However, the Assessing Officer reiterated his stand taken in the original assessment and adopted the fair market value of the land as on 01.04.1981 at Rs.1,500/- per square meter. On appeal, learned CIT(A) directed the Assessing Officer to adopt the valuation as done by the DVO of the Income Tax Department and then recalculate the long term capital gain accordingly. The relevant finding of the learned CIT(A) reads as under:- It has also been pointed out that the same valuation report has been accepted by the Income-tax Department in the case of other shareholders. Copy of assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecember, 2009, and received by him vide diary entry no.1006 dated 16th December 2009. In view of the above discussion, it is hereby held that the Assessing Officer was not justified in making addition on account of capital gains by taking the rate of land at Rs.1,500/- per square meter as above. The addition of Rs.86,36,645/- made on this count is, accordingly, hereby deleted. The Assessing Officer is, accordingly, directed to adopt the valuation as done by the District Valuation Officer, Income-tax Department, furnished in response to his letter dated 2nd December, 2009, and recalculate the long term capital gains accordingly. The Revenue, aggrieved with the order of learned CIT(A), is in appeal before us. 4. We have heard the ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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