TMI Blog2014 (9) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... on 01/04/81. Issue is covered in favour of the assessee as the assessee has submitted the valuation report of the Registered valuer and the matter was not referred y the AO to D.V.O., the AO has to accept the report of the Registered Valuer regarding market value of the land as on 01/04/81 as claimed by the assessee. Hence, we set aside the order of CIT(A) and direct the Assessing Officer to recompute the capital gain by adopting value of land as on 01/04/81 as claimed by the assessee duly supported by the report of the Registered Valuer. - Decided in favour of assessee. - ITA No. 66/LKW/2014 - - - Dated:- 23-9-2014 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER For the Appellant : Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per sq. ft. in city area in 1980-81 and considering this, he adopted the rate of ₹ 12/- per sq. ft. on main highway called Deokali Chauraha. He also submitted that as per the assessment order, there is no dispute regarding cost of construction as on 01/04/81 because the Assessing Officer has also accepted the cost of construction as on 01/04/81 at ₹ 2,24,807/- as has been reported by the Registered Valuer but the Assessing Officer has adopted the value of land at ₹ 3,51,337/- @₹ 6/- per sq. ft. as against ₹ 7,20,674/- adopted by Registered Valuer by applying rate of ₹ 12/- sq. ft. He further submitted that even if the Assessing Officer was not in agreement with the Registered Valuer, he should have refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1981 with regard to cost of construction. The only dispute is regarding value of land as on 01/04/1981. In support of the value of the land adopted by the assessee for computing the capital gain, the assessee has submitted a report of Registered Valuer. The Assessing Officer has not referred the matter to D.V.O. and on his own, he has rejected the report of Registered Valuer and chose to adopt rate of ₹ 6/- per sq. ft. as market value of land as on 01/04/81. Under these facts, we are of the considered opinion that the issue is covered in favour of the assessee by these Tribunal decisions where it is held by the Tribunal that where the assessee has submitted the valuation report of the Registered valuer and the matter was not referred ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
