Valuation Officer Error: Incorrect Rate Applied for Capital Gains; Rent Capitalization Method to be Used for Correction.

Addition on account of long-term capital gain on sale of properties - VO had applied CPWD rate whereas he should have applied PWD rates and should have allowed depreciation @95% of cost taking the life of properties at 60 years. The AO is therefore, directed to consider value of property as per Rent Capitalization Method and compute capital gains accordingly. .....

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