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TMI Blog2020 (2) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... l gain arising from transfer of total land admeasuring 2,52,322 sq.ft. at survey numbers 187/2/13B/17, 198/7/8A/9C/9G/9E/9H and 243/1 at Sadesatranali, Hadapsar, Pune to M/s. City Corporation Ltd. along with certain other family members and co-owners. The assessee computed capital gain by taking sale price as the full value of consideration and the fair market value of the property as on 01-04-1981 at Rs. 16.35/- per sq. ft. as the unindexed cost of acquisition. The Assessing Officer (AO) tweaked both the components in the computation of capital gain. He observed that the stamp value of the land in question was more than the amount of actual sale consideration and also the fair market value as on 1.4.1981 was less. The assessee was called u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hri Hemant Sudam Tupe determined Rs. 820/- as the per sq.mtr value of land as on 06-12-2003 in the same locality with Survey Nos. 187/8/A, 188/1A & 188/A/5. I have gone through the reports of the DVO given in the case of the assessee as well as Shri Hemant Sudam Tupe, copies of which have been placed in the paper book. It can be seen that the DVO while valuing the assessee's property in the same locality, took valuation as on 8.1.2004 at Rs. 1,670/- p.s.m against Sy. Nos.198 and Rs. 1,240/- per sq.mtr against Sy.Nos. 187 and 243. Another DVO in the case of Hemant Sudam Tupe valued Sy.Nos.187 and 188 in the same locality at Rs. 820/- per sq.mtr. on 06-12-2003. Thus, it can be seen that there is hardly a month's difference between the two sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of Rs. 161.40 per sq.mtr with average rate per sq. ft. rate at Rs. 15/-. It was on the basis of the DVO's report that the ld. CIT(A) adopted the rate of Rs. 60/- per sq.mtr and Rs. 50/- per sq.mtr for Sy.Nos. 198 and 187/243 respectively. The assessee contended before the ld. CIT(A) that no reference could have been made by the AO to the DVO in as much as the fair market value of the property was claimed by the Officer to be lower than the value adopted by the assessee. In support of such an argument, the assessee relied on the judgment of the Hon'ble jurisdictional High Court in CIT Vs. Puja Prints (2014) 360 ITR 697 (Bom.) holding that reference u/s.55A can be made to DVO only when the value adopted by the assessee is less than the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee was more than the fair market value of the land in the opinion of the AO. Notwithstanding the above, it is seen that the assessee did file a Registered valuer's report along with computation of income, relevant part of which has also been placed in the paper book. Since valid reference could not have been made to the DVO, the value so determined by him as on 01-04-1981, ergo, becomes meaningless for the instant exercise. Going by the provision as applicable to the instant case, it is held that the value of the land as declared by the assessee on 01-04-1981, which is patently more than the value so determined by the DVO/AO, cannot be interfered with. 6. In view of the foregoing discussion, I set-aside the impugned order and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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