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2015 (3) TMI 1065 - AT - Income TaxAddition on account of Long Term Capital Gain (LTCG) on sale of open land on the basis of DVOs report - Held that:- AO is directed to delete the addition as Hon'ble Gujarat High Court decision HIABEN JAYANTILAL SHAH Versus INCOME-TAX OFFICER AND ANOTHER [2008 (4) TMI 292 - GUJARAT HIGH COURT] is directly applicable in the appellant's wherein held AO could not have formed any opinion as to existence of difference between the value of the asset as claimed by the assessee and the fair market value – reference can be made only when AO records opinion that value had been underestimated by assessee - S. 55A could not have been resorted to by the AO - reference to valuation officer is quashed and set aside The value of the property was declared as per Registered valuer's report by the appellant and the value estimated by the DVO was less than that declared by the appellant. - Decided against revenue
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