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TMI Blog2018 (10) TMI 1980X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee and as arrived at by the DVO is only Rs. 7,14,110/-, which is less than 10%, clearly no addition is liable to be made and the long term capital gains is to be computed by applying the value as disclosed by the assessee. Consequently, the addition as made by the ld. AO and confirmed by the Ld.CIT(A), stands deleted. We are not going into estimating the net value of land under the pretext of probable increase in land value on account of time gap between guideline value date and the transaction date as the addition made by the ld. Assessing Officer and sustained by the Ld.CIT(A), is being deleted on account of variation which is less than 10% in view of the provisions of the section 55A(b)(i) of the Act. Appeal of assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 01.01.2016 had restored the issue to the file of ld. Assessing Officer with a direction to refer the matter to the DVO and to obtain valuation in respect of the said property from the DVO. It was a submission that the DVO had furnished his valuation report dated 25.05.2017, valuing the property at Rs. 92,52,000/-. It was a submission that when valuing the property, the DVO had made an addition on account of time gap, between 01.08.2007 to 31.05.2008, a increase in land rate on Rs. 5601/- Sq.ft. @ 11% per annum and consequently for 10 months increased the value by Rs. 514/- per Sq.ft. It was a submission that the assessee having disclosed the value at Rs. 85,51,828/- was the value at which the property was sold and the DVO having arriv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in ITA No.357/Chny/2018 stands allowed. WTA No.04/Chny/2018 7. It was submitted by ld.A.R that this is an appeal against the Wealth Tax valuation done by the ld. Assessing Officer. It was a submission that this was the single property owned by the assessee and consequently no wealth tax was liable to be assessed in the hands of the assessee in so far as single asset is exempt under the Wealth Tax Act, also on account of the fact that this was rented out premises during the relevant assessment year, when it was sold. 8. In reply, the ld.D.R submitted that this was the only property, has not been verified by the ld. Assessing Officer. It was a submission that he had no objection, if the issues were restored to the file of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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