Mahavir Singh, Judicial Member - This appeal by assessee is arising out of the order of CIT(A)-XIX, Kolkata in Appeal No 352/CIT(A)-XIX/Addl. CIT-Range-31/Kol/08-09 dated 2/7/09. Assessment was framed by Add C.I.T., Range-31, Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') for assessment years 2006-07 vide order dated 30/12/2008.

2. At the out set, it is to be narrated that Hon'ble Calcutta High Court in ITAT No.199 of 2010 (GA No.2879 of 2010) in assessee's case has formulated following substantial question of law:-

"Whether the Learned Tribunal is justified in accepting the valuation made by the assessing officer as confirmed by the Commissioner of Income Tax (Appeal) without considering the materials produced by the assessee ?"

The Hon'ble High Court has set aside this appeal to Tribunal to decide afresh after considering the material placed before it earlier, by holding as under:-

"This matter is taken up after admitting for final hearing itself. It appears from the impugned judgment and order of the Learned Tribunal that though the assessee argued with the materials, that the valuation arrived at by the assessing officer was not proper and justified, Learned Tribunal, it appears to us has not considered this aspect of the matter. Wherefore, are of the view that this matter needs to be reconsidered.

Accordingly, the operation of judgment and order is kept in abeyance and the same is remanded for fresh hearing by the Learned Tribunal, who will hear afresh considering the materials placed before it earlier, and will take a fresh decision. If it is found that the present judgment is required to be changed or varied the same may be done with an open mind and without being influenced and/or swayed by the earlier observation.

After considering all the aspects if it is found that this judgment does not require any change, in that event stay granted by this Court will stand automatically vacated."

3. Brief facts relating to this case are that the assessee filed his return of income for the relevant assessment year 2006-07 on 31/8/2006 and assessment was framed after issuing notice u/s 143(2) of the Act and completed vide order dated 30/12/2008 u/s 143(3) of the Act. The Assessee during the year under consideration sold one property with land and building situated at Holding No.1472 (Part) Basudevpur, HPL Link Road, P.S. Durga chak, Haldia to Smt. Yogini B. Chotai for a total sale consideration of Rs. 65,00,101/- and paid stamp duty of Rs. 71,591/- and stamp charges at Rs. 5,20,100/-. The AO during the course of assessment proceedings issued letter to Registrar, Sutahata, Dist. Midnapur (East), West Bengal vide letter No. 388 dated 28/8/2008 to ascertain the valuation of property as per stamp valuation rates fixed by the State Government. Registrar, Sutahata replied vide letter No. 92 dated 04/9/2008 that the relevant sale deed No. P-5722/05 was not registered with the Registrar, Sutahata ADSR Office. The AO made reference to Registrar of Assurance, 5, Govt. Place (North), Kolkata, who vide letter dated 26/9/2008 informed that this property was assessed at Rs. 1,24,14,400/- only. In view of these facts, the AO required the assessee to explain as to why long-term capital gain (LTCG) should not be computed by adopting deemed full value of consideration at Rs. 1,24,14,400/- u/s 50C of the Act. The assessee objected to the valuation made by Registrar of Assurance. Hence AO referred the matter to Valuation Officer of Income-tax Department u/s 50C(2)(b) of the Act. The Valuation Officer valued the property at Rs. 1,24,13,670/- and valuation report received vide letter dated 29/12/2008. The AO assessed the deemed full value of consideration at Rs. 1,24,13,670/- and computed LTCG accordingly. Aggrieved, assessee preferred appeal before CIT(A), who confirmed the action of the A.O. by giving following finding in paras 6 to 8 of his appellate order:-

"(6) I have considered the submission of the appellant an