Tax Authorities' Decision Flawed: Ignored Assessee's FMV Report, Failed to Consult District Valuation Officer as Required by Law.

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....Capital gain computation - FMV determination - The opinion of an expert cannot be brushed aside in a whimsical manner. Specially when law mandates the evidence of an expert to be admissible for proving specific question of fact as in the present case, the fair market value of the property. Thus, at one hand having failed to take opportunity and mandate under law to call for a DVO report and on the other hand having discredited the valuation report of the assessee without substantial reasons makes the order of Tax Authorites Below erroneous and not sustainable under law. - AT....