9911796707
TMI Blog2024 (10) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... arket value of the property as on the date of sale has been mentioned at Rs. 7,50,15,600/-. We are inclined to accept the said value as the fair market value of the property as on the date of sale. We order accordingly. Cost of acquisition as on 01.04.1981 - The assessee in the case in hand has disputed the same and also furnished the report of the registered valuer. Neither the DVO nor the AO has pointed out any defect or infirmity in the same, rather, they have completely ignored the same and took the fair market value as on 01.04.1981 at Rs. 38.22 lakhs. So far as, the fair market value as on 01.04.1981 in the case of co-sharer is concerned, the ld. AR has submitted that in the said case, the co-sharer did not dispute the same. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 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 value as on 01.04.1981 at Rs. 38.22 lakhs and the sale value at Rs. 12.25 crores after giving the benefit of cost of indexation. 4. The ld. CIT(A) confirmed the findings of the Assessing Officer. 5. Before us, the ld. Counsel for the assessee has submitted that as per the settled law, the Assessing Officer at the time of referring the matter to the DVO was also supposed to get the fair market value of the property as on the date of sale also. He has further referred to the report of the DVO in case of co-sharer, wherein, the DVO in respect of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 further submitted that though in the case of another assessee, the fair market value as on the date of sale has been taken by the DVO at Rs. 75015600/-, however, at the same time, the cost of acquisition as on 01.04.1981 in the said case has been taken as Rs. 38.22 lakhs. The ld. DR, therefore, has submitted that since the assessee had not disputed the sale consideration, therefore, the impugned additions are justified. 7. We have heard the rival submissions and gone through the record. In the case in hand, the assessee in the assessment order had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 date of sale has been mentioned at Rs. 7,50,15,600/-. Under such circumstances, we are inclined to accept the said value as the fair market value of the property as on the date of sale. We order accordingly. 7.1 However, so far as the cost of acquisition as on 01.04.1981 is concerned, the assessee in the case in hand has disputed the same and also furnished the report of the registered valuer. Neither the DVO nor the Assessing Officer has pointed out any defect or infirmity in the same, rather, they have completely ignored the same and took the fair mar ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
