Valuation Officer Error: Incorrect Rate Applied for Capital Gains; Rent Capitalization Method to be Used for Correction.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on account of long-term capital gain on sale of properties - VO had applied CPWD rate whereas he should have applied PWD rates and should have allowed depreciation @95% of cost taking the life of properties at 60 years. The AO is therefore, directed to consider value of property as per Rent Capitalization Method and compute capital gains accordingly.....