TMI Blog2018 (10) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of the AO with direction to the ld.AO to compute the capital gain assessable in the hands of the assessee on transfer of the above land by adopting full sale consideration equivalent to the amount determined by the DVO in the case of co-owner. With this direction, we allow this ground of appeal of the Assessee. - ITA No. 2444/Ahd/2016 - - - Dated:- 23-10-2018 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER For the Appellant : Shri M.J. Shah For the Respondent : Shri Lalit P.Jain, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Present appeal is directed at the instance of the assessee against order of the ld.CIT(A)-5, Ahmedabad dated 1.9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the basis of value estimated by the Departmental Valuation Officer in the case of co-owner who was also co-owner of the same piece of land. However, the ld.AO did not accept this submission of the assessee on the ground that value determined by the stamp valuation authority is more reliable and binding than the value determined by the DVO. He accordingly made addition of ₹ 55,56,456/-. This addition was challenged before the ld.First Appellate Authority. Though, the ld.CIT(A) in principle agreed that since the property in question was already referred and valued by the DVO, the right course for the AO was to adopt value adopted by the DVO, but confirmed the addition on different footing. Assessee is now before the Tribunal. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of the assessee was that in the case of co-owner, reference was given to DVO under section 50C(2) who had determined fair market value of the property. The ld.counsel for the assessee contended that the assessee made a prayer before the ld.CIT(A) that the same value be adopted in the case of the assessee. We find force in this contention of the assessee, because section (2) of section 50C contemplates that in case assessee raises an objection of the value on which stamp duty was paid, then in order to find fair market value of the asset, reference would be made to the DVO , since in the case of co-owner such reference was made on the same piece of land. The same value determined by the AO in the case of co-owner ought to be adopted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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