1991 (12) TMI 113

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....ee, an individual, sold his immovable property situated in Area Colony, Bhopal for Rs. 1,50,000 on 30th June, 1982. He claimed the cost of acquisition of the said property at Rs. 89,430. The ITO referred the matter for the valuation of the property by the valuation Officer under s. 55A of the IT Act, 1961 (the Act) who in the first instance valued the property at Rs. 2,69,000 vide his report dt. 2....