TMI Blog2015 (4) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the capital asset to the valuation officer, in such a situation, the lower of value determined by the departmental valuation officer and stamp duty valuation officer shall be considered as consideration accruing to the assessee. Since it has not been disputed by the DR that the value of the property determined by the DVO was lower than the 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. - Decided against revenue. - ITA No. 2227/Ahd/2011 - - - Dated:- 10-4-2015 - SHRI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of land at ₹ 2,32,65,900/-, and accordingly made addition of 1/3rd of the capital determined after deducting ₹ 11,40,500/- being interest cost of the land worked out the capital gain at ₹ 65,98,214/- and added to the income of the assessee. 4. On appeal, the CIT(A) observed that since the reference under section 50C(2) of the Act was made to the valuation officer at the instance of the assessee, the fair market value of the above property determined by the valuation officer becomes full value of the sale consideration for the purposes of computation of capital gain under section 48 of the Act. Accordingly, directed the AO to take the fair market value of the property as on 7.9.2007 determined by the valuation officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputing the capital gain in the hands of the assessee. Being satisfied, the AO referred the matter 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 ₹ 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. 9. DR contended before us that the CIT(A) was not justified in directing the AO to take the value as determined by the DVO for computing the capital gains in the instant case. 10. We find that section 50C(2) provides that where the assessee clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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