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TMI Blog2024 (10) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition made by the lower authorities u/s 50C of the Act on account of difference between collector rate as compared to sale consideration mentioned in the sale deeds in respect of property sold by the assessee along with others, wherein, the assessee had share of 11.277%. 3. During the assessment proceedings, the assessee disputed the purchase value/market value of the property as on 01.04.1981 estimated by the DVO at Rs. 38.22 lakhs as against the value taken by the assessee at Rs. 1,51,94,000/- as per report of the Registered Valuer. The Assessing Officer took the fair market value as on the date of sale at Rs. 12,25,41,968/-. The Assessing Officer, thereafter, calculated the capital gains taking the purchase value/acquisition val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that even in a case where no prayer has been made to the DVO, out of ignorance or otherwise, the Assessing Officer discharging a quasi-judicial function, has the bounden duty to act fairly and to give a fair treatment by giving the assessee an option to follow the course provided by law. The ld. Counsel, therefore, has submitted that principles of natural justice have been violated and that the report of the registered valuer has been ignored by the DVO and under the circumstances, the impugned additions are liable to be quashed. 6. The ld. DR, however, on the other hand, has submitted that the assessee did not dispute fair market value as on the date of sale. The assessee disputed the cost of acquisition as on 01.04.1981. The ld. DR has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect conclusion for the purpose of estimating capital gains in the case of the assessee. However, the fact on the file is that the assessee before the Assessing Officer had disputed only the cost of acquisition as on 01.04.1981 but did not give any objections relating to the fair market value as on the date of sale, but, later on disputed the same. The contention of the ld. AR is that the entire additions are liable to be set aside. However, we find that so far as the contention regarding the fair market value on the date of sale is concerned, the report of the DVO in the case of another assessee relating to the same property and regarding the same transaction has been produced before us, wherein, fair market value of the property as on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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