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TMI Blog2019 (4) TMI 1648X X X X Extracts X X X X X X X X Extracts X X X X ..... ced on record. Two different values have been taken by the DVO considering the contemporary cases, the value so adopted is excessive. DVO has not given reason to adopt values of the adjacent piece of land. We therefore, direct the A.O. to adopt the value @ ₹ 451/- per sq.ft. as adopted by the DVO for one part of the land and compute the addition accordingly. This ground of the assessee s appeal is partly allowed. - ITA No.171/Ind/2017 - - - Dated:- 8-4-2019 - SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER For The Appellant : Shri Subhash Jain And Shri Pankaj Shah, A.Rs For The Respondent : Shri K.G. Goyal, Sr. D.R. ORDER PER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parts. As per the stamp valuation authority, the valuation was adopted at ₹ 9,98,000/- and ₹ 7,17,500/- respectively. The assessee raised an objection adopting the value of land as per the stamp valuation authority during the course of assessment. Therefore, the assessee referred the matter of valuation to the Departmental Valuation Officer. The Departmental Valuation Officer valued the property at ₹ 6,56,185/- and ₹ 4,73,072/- respectively. Thereby, the A.O. adopting the valuation as given by the Departmental Valuation Officer made addition of ₹ 9,41,203/-. Against this, the assessee preferred an appeal before Ld. CIT(A), who after considering submissions, dismissed the appeal. Now the assessee is in appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50C of the Act are not applicable as in the present case, agreement was executed on 15.1.2001, while section 50C of the Act was introduced by Finance Act, 2002 applicable from 1.4.2003. Secondly, the valuation adopted by the DVO is not correct as the DVO has adopted different value for the same piece of land. As per the DVO, for one piece of land, it is adopted @ ₹ 591/- per. Sq.ft. and in the case of other buyer, it is ₹ 451/- per sq.ft. 9. We have considered the rival submissions and material placed on record. We find some merit in the contention that two different values have been taken by the DVO considering the contemporary cases, the value so adopted is excessive. Moreover, the DVO has not given reason to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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