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TMI Blog2022 (11) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... fter referred to as "the Act"), dated 21.12.2017. 2. Grounds of appeal raised by the assessee are as follows: "1. That having regard to facts and circumstances of the case, Ld. Commissioner has considered valuation given by DVO which was not correct. 2. That in any case and in any view of the matter, Ld. Commissioner has not referred the valuation method provided by the approved valuer. 3. That even though assuming the jurisdiction of the case when inquired for the case, had the prejudicial mind to harass the assessee did not consider the information provided. Same line of method used by the approved valuer though Ld. Commissioner has not considered the value. Ld. Commissioner has partly allowed and considered the DVO value which w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of Rs.17,73,400/- in sale consideration of the property. However, the jantry value of the said property is Rs.2,64,89,400/- and the assessee has accordingly shown the sale consideration at Rs.88,29,800/- in the computation of Long Term Capital Gain as per section 50C of the Income Tax Act. The assessee has submitted working of capital gain and claimed cost of acquisition of Rs.3,48,740/- as on 01.04.1981, and claimed indexed cost of Rs.35,71,098/- against sale consideration of Rs.88,29,800/-. The assessee has claimed cost of acquisition as on 01.04.1981 based on valuation report of Shri Ramesh Jain, registered valuer, as the said property was ancestral property. However, on-going through the valuation report it is seen that the said pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition made must be deleted in full. In this case the AO found that the appellant has sold two properties during the year and has shown LTCG on the sale. The property situated at Block No.155, Jahagirabad, Dandi Road, Surat was sold of Rs.1,08,81,600/- on 03.12.2014 alongwith the co-owner in which the appellant share was 50% i.e.Rs.54,40,800/-. However, as per the Stamp Valuation Authority the value of the property was Rs.5,41,80,700/- and the appellant had accordingly shown sale consideration at Rs.2,70,90,350/- (50%). In the computation of the LTCG, as per section 50C of the Act, the appellant had claimed cost of acquisition of Rs.10,69,955/- as on 01.04.1981 and had claimed indexation cost of Rs.1,09,56,339/- against the sales considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e details, it is observed that size of two properties and the comparable instances do no match. The property no. 155 is 9106 sq. mtr, while property no. 156 was 4452 sq. mtr. The 12 sale instances taken by the Registered Valuer ranges from the property size 38.404 sq. mtr. to 130.31 sq. mtr. While the DVO has taken 4 sale instances which ranges from 74.32 sq. mtr. to 12342.80 sq. mtr. The comparable instances taken by the Registered Valuer is absolutely absurd as there are no match to the size of the 2 properties in question and the comparables taken by him as mentioned above. The nearest sale instance as per the size in sq. mtr. has been taken by the DVO of 12342.80 sq. mtr., which is somewhere near comparable to the actual land in questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground of appeal is partly allowed." 6. Aggrieved by the order of ld. CIT(A), the assessee is in appeal before us. 7. The Ld. DR for the Revenue submitted that order of Assessing Officer should be upheld as he dealt with the issue in accordance with law. 8. We have heard Ld. DR for the Revenue and perused the findings of the order of ld. CIT(A) as noted above. We find that there is no infirmity in the order passed by the ld. CIT(A). The ld. CIT(A) has considered all the facts and legal position applicable to the facts and delivered a reasoned order, therefore we decline to interfere in the order passed by the ld. CIT(A). Hence, the appeal of the assessee is hereby dismissed. 9. In the result, appeal filed by the assessee is dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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