9911796707
TMI Blog2022 (3) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... an assessee does not extend co-operation in any proceedings under the Act, there are well defined ways and means to complete the proceedings. Once the assessment was finalised by expressly agreeing and specifically mentioning that the computation of capital gain was subject to rectification/revision as per valuation report of the DVO , it was all the more obligatory on the part of the AO to honour his words and do the needful. It is a matter of record that the AO did not give effect to his own undertaking which was a pre-condition of the assessee accepting the values proposed by the AO. In such a scenario, we are unable to countenance the view taken by the authorities below in the matter of computation of capital gain. We, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee along with her two sisters, namely, Smt. Sunita Ashok Khot, the other appellant in this batch of appeals and Smt. Anita Vishwanath Nayak entered into a development agreement on 17-05-2014 with Magarpatta City Development Company Pvt. Ltd. in respect of a land admeasuring total area 30R situated at Sr.No.71/3B, 71/8, 9 etc., at village Mundhwa, Tal. Haveli, District Pune for a consideration of ₹ 2.55 crore. The AO observed that the assessee had adopted value of land at ₹ 17/- per sq.ft. on the basis of a valuation report given by a Government Approved Valuer. On perusal of such report, he observed that the Valuer had not given any sale instance in the nearby area. The AO proposed to adopt the market value of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich exemption u/s.54F was allowed and finally long term capital gain was determined at ₹ 64,94,004/-. The assessee preferred appeal before the ld. CIT(A), who, for the reasons ascribed in the impugned order, dismissed the same. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 4. We have heard both the sides and perused the relevant material on record. It is seen that the AO rejected the report of the Registered Valuer taking the rate of ₹ 17 per sq.ft. as on 1.4.1981. He chose a rate of ₹ 15 per sq.ft. on ad hoc basis, which the assessee agreed subject to its substitution with the value as determined by the DVO. Similar is the position qua the stamp value taken by the AO as full value of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undertaking which was a pre-condition of the assessee accepting the values proposed by the AO. In such a scenario, we are unable to countenance the view taken by the authorities below in the matter of computation of capital gain. We, therefore, set aside the impugned order and remit the matter to the file of the AO for obtaining the report of the DVO as admitted in the assessment order and then compute fresh amount of capital gain as per law after allowing adequate opportunity of hearing to the assessee. Needless to say, the assessee will be at liberty to put across all the arguments before the AO/CIT(A) which are germane to the issue under consideration. 5. The appeal in the case of Smt. Sunita A. Khot, the other appellant in this batch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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