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| The Tax Publishers2020 TaxPub(DT) 3812 (Jp-Trib) INCOME TAX ACT, 1961
Section 50C
Where DVO did valuation without considering facts that land was in Ecological Area existing in Dark Zone as declared by Geological Survey of India and Central Ground Water Authority, and no construction activities were allowed on that land as well as comparable case of adjacent land was also not considered, enhancement made by DVO was unjustified.
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Capital gains - Full value of consideration - DVO did valuation without considering facts that land was in Ecological Area existing in Dark Zone as declared by Geological Survey of India and Central Ground Water Authority -
Assessee-individual was running printing press. She sold an immovable property. Valuation done at higher value by Sub-Registrar was objected to by assessee and valuation was referred to DVO. Based on valuation of DVO, AO made addition in value of sale consideration towards value of land and cost of boundary wall. Held: DVO did valuation without considering facts that land is in Ecological Area existing in Dark Zone as declared by Geological Survey of India and Central Ground Water Authority, and no construction activities were allowed on that land as well as comparable case of adjacent land was also not considered. DVO took excessive rate without considering average rate, which was more than double of prevailing market rate.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, JAIPUR BENCH
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