2022 (7) TMI 900

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....(hereinafter referred to as "the Act"), dated 29.12.2016. 2. The grounds of appeal raised by the assessee are as under: "A. Registered valuer report not accepted (Section 55A) 1. On the facts and in the circumstances of the case, the learned CIT (A's) erred in not considering registered valuer's report @Rs.60 per. Sq.mtr. 2. On the facts and in the circumstances of the case, the learned CIT (A's) erred in not appreciating that registered valuer has made comparable instances before making valuation as on 01.04.1981. B. Accepting DVO Report without giving any justification 1. On the facts and in the circumstances of the case, the learned CIT (A's) has erred in accepting DVO report for taking value of Rs.53/- without....

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....o relevant documentary evidences except Valuation Report were available, therefore a reference was made to Valuation Officer, Surat to determine the value of both the property as on 01.04.1981. However, assessing officer did not receive the valuation Report. Therefore, assessing officer by taking of value Rs. 10/- per sq.meter, as fair market value as on 01.04.1981 worked out the cost of indexation at Rs. 51,58,678/- against the indexed cost of acquisition of the property worked out to Rs.3,09,52,069/- by assessee. After allowing exemption under section 54B and 54EC of the Act, the assessing officer determined long term capital gain to the tune of Rs.3,02,93,391/-. 4. On appeal, ld CIT(A) observed that after getting valuation report from t....