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2022 (7) TMI 900 - AT - Income TaxLTCG - FMV determination as on 01.04.1981 - grievance of the assessee is that Registered Valuer has valued the property at Rs.60 per sq. meter, therefore, the same should be adopted to determine the fair market value as on 01.04.1981, as against the fair market value (FMV) at the rate of Rs.53 per sq. meter adopted by DVO - HELD THAT - As perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that main dispute between the Assessee and Revenue is that assessee wants that his Registered Valuer report, wherein he valued @ Rs.60 per sq.Meter may be adopted to determine the fair market value on 01.04.1981 and Revenue wants that fair market value (FMV) at the rate of Rs.53 per sq. meter, as determined by the DVO should be considered. The difference is Rs.7/- (Rs.60 per sq.Meter- Rs.53 per sq. meter). We note that the Valuation Report received from the Department Valuer, wherein he has taken the FMV at Rs. 53 per Sq. meter, appears quite reasonable. We note that there is no day and night difference between assessee s Valuer s report and Department Valuer s report hence assessee does not deserve further relief, therefore, we are of the view that the order of CIT(A) is just and proper and calls for no interference. Decided against assessee.
Issues:
1. Acceptance of registered valuer report under Section 55A 2. Acceptance of DVO report without justification Analysis: Issue 1: Acceptance of registered valuer report under Section 55A The appeal pertains to the Assessment Year 2014-15 and challenges the order of the Learned Commissioner of Income Tax (Appeals) regarding the valuation of property. The assessee claimed a cost of acquisition based on a registered valuer's report at Rs. 60 per sq. meter. However, the assessing officer considered a fair market value (FMV) of Rs. 10 per sq. meter as on 01.04.1981, leading to a higher indexed cost of acquisition. The Valuation Officer was tasked to determine the value, but the report was not received. Subsequently, the assessing officer accepted a DVO report valuing the property at Rs. 53 per sq. meter. The CIT(A) directed the AO to adopt the FMV as per the DVO report. The assessee contended that the registered valuer's report should be accepted, citing a judgment and arguing for a valuation of Rs. 60 per sq. meter. The Tribunal noted the dispute between the parties regarding the valuation and upheld the CIT(A)'s decision to consider the DVO's valuation as reasonable, leading to the dismissal of the appeal. Issue 2: Acceptance of DVO report without justification The assessing officer initially relied on a fair market value of Rs. 10 per sq. meter, which was later revised to Rs. 53 per sq. meter based on the DVO report. The CIT(A) directed the AO to adopt the FMV as per the DVO report. The assessee argued for the acceptance of the registered valuer's report valuing the property at Rs. 60 per sq. meter. The Revenue supported the DVO's valuation. The Tribunal considered both arguments and found the DVO's valuation reasonable, leading to the dismissal of the appeal. The decision was based on the similarity between the valuations and the lack of significant difference justifying a change in valuation. In conclusion, the Tribunal upheld the CIT(A)'s decision to accept the DVO's valuation of the property at Rs. 53 per sq. meter, dismissing the appeal filed by the assessee for the Assessment Year 2014-15.
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