TMI Blog2020 (2) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... comes at ₹ 1,032/- per sq.mtr. This, is a more balanced and representative rate of the fair market value of the land as on the date of sale. Therefore, order to adopt ₹ 1,032/- as per sq.mtr value on the date of sale by the assessee, namely, 08-01-2004 against Sy.Nos. 187 and 243. In so far as the Sy. No. 198 is concerned, find that there are sale instances noted in the assessee s valuation report at ₹ 1,801/- p.s.m. against land at Sy.No.211 and in the report of Shri Hemant Sudam Tupe at ₹ 1,369/- against Sy.No.197 and ₹ 818/- against Sy.No.197. These surveys are admittedly close to the survey no. 198 sold by the assessee. Average of these three figures comes to ₹ 1,330/-. Therefore, direct to appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the file of the AO for determining the amount of capital gain afresh in accordance with the discussion supra . Needless to say, the assessee will be allowed a reasonable opportunity of hearing. - ITA No.1105/PUN/2019, ITA No.1106/PUN/2019, ITA No.1107/PUN/2019 - - - Dated:- 6-2-2020 - Shri R.S. Syal, Vice President For the Appellant : Shri Abhay A. Avchat For the Respondent : Smt. Vranda U. Matkari ORDER PER R.S.SYAL, VP : These three appeals by different but connected assessees relating to the assessment year 2004-05 involve common issue. For the sake of convenience, I am disposing them by this consolidated order. 2. Briefly stated, the facts in the case of Shri Nitin Narayan Shewale are that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enged the computation of capital gain before the ld. first appellate authority, who dismissed the appeal and also made enhancement on the basis of the report of DVO, which was received after the completion of assessment. The assessee is aggrieved by such confirmation/enhancement. 3. I have heard both the sides and perused the relevant material on record. The first issue in this appeal is determination of the full value of consideration in terms of section 50C of the Act. It is seen that the DVO valued the property as on the date of sale in two tracts, namely, Survey No.198 with per sq. meter valuation rate of ₹ 1,670/- and Survey Nos.187 and 243 with per sq. meter valuation rate of ₹ 1,240/-. The ld. AR submitted that the D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adopt ₹ 1,032/- as per sq.mtr value on the date of sale by the assessee, namely, 08-01-2004 against Sy.Nos. 187 and 243. In so far as the Sy. No. 198 is concerned, I find that there are sale instances noted in the assessee s valuation report at ₹ 1,801/- p.s.m. against land at Sy.No.211 and in the report of Shri Hemant Sudam Tupe at ₹ 1,369/- against Sy.No.197 and ₹ 818/- against Sy.No.197. These surveys are admittedly close to the survey no. 198 sold by the assessee. Average of these three figures comes to ₹ 1,330/-. I, therefore, direct to apply ₹ 1,330/- as per sq.mtr rate in respect of land at Sy.No.198 sold by the assessee as on 08-01-2004. 4. The second issue is the valuation as on 01-04-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) held that ratio in the case of Puja Prints (supra) would be applicable only where the assessee furnishes a report of some Registered valuer, which was not extantly done. He, therefore, did not accept this contention of the assessee. 5. Having heard both the sides and gone through the relevant material on record, it is seen that amendment to section 55A in the above terms has been carried out and made effective from 01-07-2012. The assessment year under consideration is 2004-05 and the AO made reference to the DVO for determining the fair market value on 20-10-2011. Thus, it is apparent that, by no standard, the amended provision is attracted in the instant case. Going by the interpretation of the pre-amended provision by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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