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TMI Blog2019 (1) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... er remand order (supra) in rejecting the assessee plea to this effect. We do not find any merit in the same as the said issue of quantification was never adjudicated in remand directions earlier. It appears that there is a lot of difference between assessee’s claim of quantification vis-à-vis as that accepted by the lower authorities. It ranges between 3 to 10% qua 1st and 3rd aspects, going as high as i.e. 15% and 2% qua the second aspect of large land size and 5% and 2% qua the fourth aspect of sloping ground. We therefore deem it appropriate to treat this issue to conclude that larger interest of justice would be met in case the AO is directed to adopt fair market price of the relevant capital asset to be average of assessee’s and DVO’s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Hon'ble ITAT. I am not inclined to accept assessee's version. Nowhere in the order of the Tribunal was the AO directed to take up the valuation with DVO again. The Hon'ble Tribunal was under impression that 'the objection of the assessee has not. been considered by the DVO or the AO' and therefore, AO was asked to grant opportunity to the assessee to substantiate his case and re-adjudicate the matter after considering the objection of the assessee in respect of DVO' report. However, it clearly appears from the record that the DVO had determined the fair market value of the property at ₹ 4,65,70,000/-, vide notice U/s. 55A of the Act, dated 19/05/2010. The assessee had filed an objection letter to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly since these days easy finance from banks and financial institutions is available and also development agreement is easily resorted to. 3 4. Co-ownership of land, Sloping ground below the road level:- The assessee has claimed a 10% discount for co-ownership and 5% for low lying land, but this office has already allowed a discount of 3% for co-ownership and 2% for low lying. Although the plot is not situated on much low lying area, also the low lying plots from the road has the advantage that the basement can be constructed at a lower cost. Hence the discount allowed by this office is fair and justified. 5. Unauthorized structures at the frontage:- The assessee has claimed a 25% discount on this account, but failed to submit an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e final valuation of the DVO. The assessee cannot be allowed to play innings after innings as per his sweet will. The AO neither had violated the directions of the Hon'ble Tribunal nor completed the assessment on surmises. I, therefore, do not find any reason to disturb the assessment. The assessment made by the AO is upheld. 3. It is thus clear that the authorities below have rejected the assessee s challenge to the DVO s valuation based on various aspects. The same appear to be the shape of the relevant capital asset, land size, co-ownership, sloping ground below the road level and unauthorized structures at the frontage. It is an unadmitted fact that the assessee had claimed the said factors to be having 10%, 15%, 10% , 5% and 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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