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2020 (8) TMI 66 - ITAT HYDERABADCapital gain computation - adoption of Valuation report from the Ld. DVO in accordance with the provisions of section 50C - HELD THAT:- Sale value declared by the assessee is only 46% of the SRO value of ₹ 16,54,500/- (₹ 7,56,250 X 100 / 16,54,500). Since the property sold by the assessee is a litigated property, I am of the considered view that the market value of the property cannot exceed the actual sale consideration received by the assessee of ₹ 7,56,250/-. Hence, do not find it appropriate to adopt the SRO value for the purpose of computation of the capital gains in the hands of the assessee, rather it would be appropriate to adopt the actual market value of the property taking into consideration of the litigation involved in the property, which is nothing but the actual sale consideration received by the assessee. Therefore,hereby direct the Ld. AO to compute the capital gains in the hands of the assessee based on the actual sale consideration received by the assessee of ₹ 7,56,250/-. Claim of deduction u/s. 54F - Even before us at this stage, the assessee has not produced any evidence to prove that she had invested in another residential house property. Claim of the assessee that she had invested in residential house property by way of payment through cheque to her spouse alone will not establish that she has actually acquired the residential house by complying with all the other provisions of the Act. Therefore, find no merit on this ground raised by the assessee. Hence, hereby confirm the order of the Ld. Revenue authorities on the issue. Appeal of the assessee is partly allowed.
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