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TMI Blog2015 (3) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... been resorted to by the AO - reference to valuation officer is quashed and set aside The value of the property was declared as per Registered valuer's report by the appellant and the value estimated by the DVO was less than that declared by the appellant. - Decided against revenue - I.T. A. No. 284/AHD/2011 - - - Dated:- 20-3-2015 - Anil Chaturvedi (Accountant Member) And Kul Bharat (Judicial Member) For the Petitioner : B.L. Yadav For the Respondent: S. N. Divetia ORDER Anil Chaturvedi (Accountant Member) 1. This appeal filed by the Revenue is against the order of CIT(A)-XV, Ahmedabad dated 20.12.2010 for A.Y. 2007-08. 2. The relevant facts as culled out from the material on record are as under. 3. Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n his demise in 1995, the property devolved on the Assessee and his wife. For the purpose of calculation of capital gain Assessee considered the value of the land as on 1.04.1981 to arrive at the cost of acquisition. A.O noted that for the purpose of valuation of property as on 1.04.1981, Assessee had relied on the report of a registered valuer who had valued the land at ₹ 25,10,000/-. On perusing the valuation report, A.O noticed that valuer had allowed a premium of 65% on account of proximately of the plot to S.G. Highway. A.O was of the view that the premium considered by the valuer was on a higher side because in 1981 S.G. Highway was probably was only a concept and the S.G. Highway was not developed in 1981. He was therefore of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) And the value estimated by the DVO in his order u/s.55A is at ₹ 44,265 (c) The value estimated by DVO is not higher than the value estimated by the appellant as per government approved valuer's report. Therefore the assessing officer cannot take value as per DVO valuation report u/s.55A of the Act and the assessing officer has to take the value estimated by your appellant in accordance with the section 55A of the Act. Through point 13 of the above submission several decisions were relied upon. During the course of appellate proceedings the Id, AR relied heavily upon the decision ;of Hon'ble Gujarat High Court in the case of Hiraben J.ayantilal Shah vs. ITO 310 ITR 31 (2009) (Guj.). It is seen that the Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant and the value estimated by the DVO was less than that declared by the appellant, therefore 310 ITR 31 is applicable. 8. In the result the appeal is allowed. 5. Aggrieved by the aforesaid order of ld. CIT(A), Revenue is now in appeal before us. 6. Before us, ld. D.R. relied on the order of A.O. On the other hand, ld. A.R. reiterated the submissions made before ld. CIT(A) and supported her order. 7. We have heard the rival submissions and perused the material on record. We find that ld. CIT(A) while granting the relief to the Assessee had relied on the decision of Hon'ble Gujarat High Court in the case of Hiraben Jayantilal Shah vs. ITO 310 ITR 31 (Guj) and had held that the ratio of the aforesaid decision was direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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