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TMI Blog2022 (1) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... mula could be laid down to ascertain the true fair market value of the property. The difference in two valuations is bound to happen since various factors would be required to be factored in while valuing the property - when once valuation has been done by departmental valuation officer, then the same has to be adopted and should be given due weightage. Further, had valuation report for this year been received by AO before completion of assessment, the same would have been binding on Ld. AO - CIT(A), in our opinion, was not correct to apply the valuation of AY 2015-16 to this year since specific separate reference was made for this year for valuation of property sold by the assessee during the year and the valuation would depend upon man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ambakkam Village for sale consideration of ₹ 38.91 Lacs which was far less than guideline value of ₹ 104.74 Lacs. The assessee had sold part of land in earlier years also and similar issue of valuation for AYs 2014-15 2015-16 was already referred to District Valuation Officer. Since at the time of framing of assessment, the valuation report for this year was not received, the assessment was completed by Ld. AO adopting guideline value of ₹ 104.74 Lacs. 5. During appellate proceedings, the assessee furnished valuation report of Assistant Valuation Officer, Unit-2, Valuation Cell, Income Tax Dept., Chennai wherein the valuation was done at ₹ 77.81 Lacs. The copy of the same is on record. However, Ld. CIT(A) disput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty. The difference in two valuations is bound to happen since various factors would be required to be factored in while valuing the property. However, when once valuation has been done by departmental valuation officer, then the same has to be adopted and should be given due weightage. Further, had valuation report for this year been received by Ld. AO before completion of assessment, the same would have been binding on Ld. AO. Therefore, Ld. CIT(A), in our opinion, was not correct to apply the valuation of AY 2015-16 to this year since specific separate reference was made for this year for valuation of property sold by the assessee during the year and the valuation would depend upon many variables viz. location of property, type of proper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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