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TMI Blog2021 (4) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... assesse has filed an appeal on 24.01.2017 with the CIT(A). As per the observations of the CIT(A) the DVO report dated 10.03.2017 was sent to the A.O only after completion of assessment.The value determined by the DVO is ₹ 1,61,13,000/-.We find that the powers u/s 251 of the Act of the CIT(A) are co terminus with the A.O. therefore, the CIT(A) considered the provisions of law, DVO report and relied on the Hon ble Tribunal decisions and granted relief to the assessee. We find that the CIT(A) has considered the judicial decisions and passed reasoned order, which cannot be interfered and accordingly we uphold the same and dismiss the grounds of appeal of the revenue. - ITA No. 2374/Mum/2019 - - - Dated:- 20-4-2021 - SHRI SHAMIM YAH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt prays that the order of the Ld. CIT(A) on the above grounds be set aside and that of the AO be restored. 4. The appellant craves leave,to add, amend or alter all or any of the grounds of appeal. 2. The Brief facts of the case are that the assesse is an individual, and has income from salary and income from other sources. The assesse has filed the return of income for the A.Y 2014-15 on 16.06.2015 with a total income of ₹ 5,46,170/-.Subsequently, the case was selected for scrutiny under the CASS to verify and examine the capital gains on sale of property and further the sale consideration is less than the value as per stamp duty valuation authorities. The A.O. has issued notice u/s 143(2) and 142(1) of the Act along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) has erred in directing the AO to adopt the value determined by the DVO as against the value determined by the registering authority and further, no opportunity was provided to the A.O. 5. Contra, the Ld. AR supported the order of the Ld.CIT(A) and submitted that the sale value as per DVO report has to be adopted by the AO. The Ld.CIT(A) has considered the facts and provisions of law and directed the A.O to adopt the DVO value and prayed for dismissal of the revenue appeal. 6.We heard the rival submissions and perused the material on record. The sole disputed issue envisaged by the Ld.DR that the CIT(A) erred in directing the A.O to adopt DVO report value which is lower than the registering authority. The Ld. AR submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the property for an amount of ₹ 5,99,76,000/-. Under Section 50 of the Income Tax Act, 1961, while determining long term capital gain the Assessing Officer adopted the value determined by the registering authority. 6.1.2. At the time of assessment the appellant agitated against the value determined by the registering authority. Therefore, the matter was referred to Departmental Valuation Officer (DVO) as per Section 55A (a) of the Income Tax Act, 1961.The report of DVO was not received during the course of assessment proceedings. The DVO sent its report dated 10.03.2017 to AO only after completion of assessment. Appellant also filed the report prepared by DVO during appellant proceedings. The value determined by DVO is ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reliance is also placed on the judgment of hon'ble of High Court of Allahabad in the case of [2013] 30 taxmann.com 293 (Allahabad) where in the hon'ble High Court held as under: Section 50C of the Income-Tax Act, 1961 - Capital gains - F u l l value of consideration in certain cases, special provision for - DVO's report - Assessment year 2003-04 - Assessee sold a property for certain consideration - Assessing officer rejected valuation of property done by assessee's registered valuer and referred matter to DVO to obtain fair market value - He also rejected full valuation done by DVO and adopted valuation done by Stamp valuation authorities as full value of consideration received and accordingly calculated Capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... air market value determined by DVO has to be treated as full value of consideration received by assessee for purpose of computing capital gain - Held, yes [Para 10] [In Favour of Revenue] 6.1.7. Reliance is also placed on the judgment Hon'ble of IT AT - Pune Bench SMC in the case of Shri Anil MurlidharDeshmukh v/s. The Income Tax Officer Ward 3 (2), Nashik [ITA No.l821/Pun/2017 - A.Y.- 2013-14] where in the hon'ble IT AT held as under: It is crystal clear that generally, when the A.O has obtained the DVO report then the same is binding. It is thus clear that the report of the DVO is binding on the AO, unless the assessee shows some glaring mistakes in such valuation. 6.1.8. The facts of the appellant are similar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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