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TMI Blog2022 (7) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... ne the fair market value on 01.04.1981 and Revenue wants that fair market value (FMV) at the rate of Rs.53 per sq. meter, as determined by the DVO should be considered. The difference is Rs.7/- (Rs.60 per sq.Meter- Rs.53 per sq. meter). We note that the Valuation Report received from the Department Valuer, wherein he has taken the FMV at Rs. 53 per Sq. meter, appears quite reasonable. We note that there is no day and night difference between assessee`s Valuer`s report and Department Valuer`s report hence assessee does not deserve further relief, therefore, we are of the view that the order of CIT(A) is just and proper and calls for no interference. Decided against assessee. - ITA No.101/SRT/2020 - - - Dated:- 19-7-2022 - Shri Pawan S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n submission made from time to time. 3. Succinct facts are that assessee before us is a Hindu Undivided Family and filed his return of income on 04.09.2014 declaring total income of Rs.3,83,37,150/- for AY.2014-15. The return of income was processed under section 143(1) of the Act. However, later on, the assessee`s case was selected for scrutiny through CASS and notice under section 143(2) of the Act was issued on 04.09.2015, which was duly served upon the assessee on 24.09.2015. During the course of assessment proceedings, on verification of the case records and details filed by the assessee, it was observed by the assessing officer that during the period under consideration, assessee had sold agriculture land at Moje Ladvi, RS No.95 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 54 of the Act by order dated 10.08.2017. The Valuation Report is received from the Department Valuer who has taken the FMV at Rs. 53 per Sq. meter. Therefore, ld CIT(A) directed the AO to take the FMV as on 01.04.1981 at the rate of Rs.53 as determined by the DVO and calculate the capital gain accordingly. Aggrieved, by the order of ld CIT(A), the assessee is in further appeal before us. 5. Learned Counsel for the assessee argued that solitary grievance of the assessee is that Registered Valuer has valued the property at Rs.60 per sq. meter. Therefore, the same should be adopted to determine the fair market value as on 01.04.1981, as against the fair market value (FMV) at the rate of Rs.53 per sq. meter adopted by DVO. The Ld. Counsel su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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