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2014 (9) TMI 1200 - ITAT PUNECapital gain computation - reference of mater to DVO - assessee has adopted the value of the land as on 01-04-1981 - whether AO has power to refer the matter to the DVO for determination of the fair market value when the fair market value adopted by the assessee is more than the fair market value determined by the DVO? - HELD THAT:- As relying on M/S. PUJA PRINTS [2014 (1) TMI 764 - BOMBAY HIGH COURT] AO has no power to refer the matter u/s.55A for determining the fair market value of the property. Once the reference u/s.55A is held as not in accordance with law, the further exercise as done by the Ld.CIT(A) becomes academic in nature. We accordingly allow the grounds raised by the assessee in the appeal and dismiss the grounds raised by the Revenue.
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