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TMI Blog2018 (12) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... e fair market value, by considering the facts and circumstances of the case and also negative facts, he should have been granted overall 30% deduction. It is just and fair to allow 30% deduction instead of 20% granted by the DVO by considering the negative factors to the land. Therefore, the order passed by the CIT(A) is set aside and direct the Assessing Officer to calculate the capital gains in view of the above finding. - Appeal filed by the assessee is partly allowed. - ITA No. 105/VIZ/2018, ITA No. 106/VIZ/2018 - - - Dated:- 28-12-2018 - Shri V. Durga Rao, Hon ble Judicial Member For the Assessee : Shri G.V.N. Hari Advocate. For the Department : Shri P.S. Murthy Sr.DR ORDER These appeals by the different assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same survey number. (3) The SRO rate is for developed lands. (4) The Valuation officer has given only 5% reduction towards HT Lines passing over the site and this is very low. There are no buyers for the property on which the HT Lines are passing. (5) The Valuation Officer has given only 5% reduction 'property far from the village'. This is also very low. (6) The Valuation Officer has given only 10% reduction towards the location of the property neared to cemetery and this is very low. There are no buyers for the property due to nearer to cemetery. (7) The Valuation Officer in his letter dated 18.11.2015 vide point no.2.01 clearly observed that this particular land is not fit to convert into plots. Having ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial available on record. 8. The assessee sold the property on 22/11/2007 for a sale consideration of ₹ 25.00 lakhs. According to the Assessing Officer, SRO s value of the property is ₹ 43,80,750/-, therefore he asked the assessee why section 50C cannot be applied in his case. In response to that, the assessee has requested the Assessing Officer to refer the matter to the DVO. Accordingly, the Assessing Officer has made a reference. Before the DVO the assessee has raised certain points viz. fair market value cannot be considered on the basis of the SRO for the reason that the property is adjacent to cemetery; high tension electrical wires are passing over the site; and the property is far from village. The DVO has considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidering the negative factors to the land. Therefore, the order passed by the ld. CIT(A) is set aside and direct the Assessing Officer to calculate the capital gains in view of the above finding. Ordered accordingly. Thus, this appeal filed by the assessee is partly allowed. ITA No. 105/VIZ/2018 9. Ground No.1 raised, is not pressed by the ld. counsel for the assessee, therefore, same is dismissed as not pressed. 10. Ground No.2 raised, is similar to the ground raised in ITA No. 106/VIZ/2018, therefore, the decision in ITA No. 106/VIZ/2018 shall apply mutatis mutandis to this appeal also. 11. In the result, both the appeals filed by the assessee are partly allowed. Order Pronounced in open Court on this 28th day of D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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