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TMI Blog2015 (4) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal filed by the Revenue against the order of the Commissioner of Income-Tax-II, Surat dated 28.6.2011. 2. The sole ground of appeal of the Revenue reads under: "1. On the facts and circumstance of the case and in law, the ld.CIT(A) has grossly erred in deleting the addition of Rs. 65,98,214/- being the 1/3rd share of the appellant in the long term capital gain on sale of ancestral agricult ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was getting time barred, the AO completed the assessment taking the sale consideration of land at Rs. 2,32,65,900/-, and accordingly made addition of 1/3rd of the capital determined after deducting Rs. 11,40,500/- being interest cost of the land worked out the capital gain at Rs. 65,98,214/- and added to the income of the assessee. 4. On appeal, the CIT(A) observed that since the reference under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DR supported the order of the AO. 7. The AR of the assessee has filed adjournment petition stating therein that Shri Dennis Choksi, who is authorized representative in the present appeal is extensively busy in attending the time barred income tax matters to be completed before 31/3/2015, and hence appeal should be adjourned to a later date after 7/4/2015. As the Bench found the reason for adjour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter to the valuation officer on 28.12.2010, but as the assessment was getting time barred, he completed the assessment by taking the sale consideration as the value determined by the sub- Registrar at Rs. 2,32,65,900/-. The assessee carried the matter in appeal before the CIT(A) who directed the AO to take the sale consideration as determined by the DVO, and accordingly, compute the capital gain. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e value determined by the stamp duty valuation officer, therefore, we find that there is no infirmity in the order of the CIT(A) in directing the AO to adopt the value determined by the departmental valuation officer, as sale consideration of the property for computing the capital gains in the hands of the assessee. Therefore, we dismiss this ground of appeal of the Revenue. 11. In the result, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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