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TMI Blog2013 (10) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has submitted the report of the registered valuer, the same cannot be ignored or substituted without obtaining the report of a technical person viz. DVO or some other technical expert. The report of registered valuer being a technical person, cannot be substituted without obtaining any DVO’s report or any other report of a technical person - no such report of any technical person has been obtained by the authorities below - thus for this reason also, the action of Ld.CIT(A) cannot be sustained - the fair market value of the property as on 01.04.1981 as declared by the assessee on the basis of a report of the registered valuer, cannot be disturbed and the same has to be accepted. The entire issue is based on appreciation of eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... educing land area to the extent of 35% without appreciating that the sale instances used by the Registered Valuer were in respect of developed and bigger plot of land pieces, and obviously the sale rate for these plots included cost of development incurred? C. Whether, the Hon ble Tribunal is right in law and on facts in holding that share of the assessee in the fair market value to the extent of 18.10% is to be considered for working out capital gain and not in the same proportion as assessee s share in sale consideration which is 12.65% after excluding the disputed amount of R.1,78,16,427/-? 2. Though multiple questions are framed, issue is single, namely,computation of fair market value of the land of the respondent assessee as on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e s appeal. In this respect, the Tribunal made following observations:- Regarding the first aspect as to what is the fair market value of the land as on 01.04.1981, we find that the registered valuer had applied the rate of Rs.295.81 per sq.mtr. on the basis of average rate of 4 different plots of land. The A.O has applied the rate of Rs.86.10 per sq.mtr. on the basis of a single sale instance collected from sub- Registrar office by the A.O. Ld. CIT(A) has adopted the rate of Rs.156.50 per sq.mtr by ignoring two sales instances adopted by the registered valuer i.e. of Rs.538.20 per sq.mtr. being the first sale instance and Rs.253.60 per sq.mtr. being the 3rd sale instance. These two sales instances were ignored by the Ld.CIT(A) on this b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereas, the sale instance noted by the registered valuer is nearer to the land in question. This contention of the Ld.A.R. could not be controverted by the Ld.D.R. and hence, in our opinion, this sale instance obtained by the A.O. from subregistrar cannot be adopted because it is related to a land situated at far away place and moreover, when the assessee has submitted the report of the registered valuer, the same cannot be ignored or substituted without obtaining the report of a technical person viz. DVO or some other technical expert. xxx xxx xxx Regarding the action of Ld.CIT(A) of excluding two sale instances adopted by the registered valuer on this basis that these sale instances are in respect of partly constructed plot, we are of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n as on 01.04.1981 as declared by the assessee on the basis of a report of the registered valuer, cannot be disturbed and the same has to be accepted. We hold accordingly. The first aspect is decided in favour of the assessee. 5. Having heard learned counsel for the Revenue, we are of the opinion that the entire issue is based on appreciation of evidence. What should have been fair market value of the land as on 1.4.1981 is a pure question of fact. The assessee has based reliance on the report of the registered valuer who had given his opinion on the basis of 4 different sale instances. The Assessing Officer discarded such report and assessed the valuation on the basis of a single sale instances, details of which were available from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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