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2013 (6) TMI 551 - AT - Income TaxJurisdiction of AO to refer the matter to the valuation officer u/s 55A ignoring the fact that the fair market value of the property differs by more than 15% - CIT(A) deleted the addition - Held that:- In view of decision of HIABEN JAYANTILAL SHAH Versus INCOME-TAX OFFICER AND ANOTHER [2008 (4) TMI 292 - GUJARAT HIGH COURT] reference by the AO to the DVO u/s. 55A for valuation of FMV of the property as on 1.4.1981 is not valid for the reasons that FMV declared by the assessee as per Government registered valuer's report was more than the FMV as estimated by the DVO. Since determination of the FMV as on 1.4.1981 was based on the report of the DVO, the same is held to be invalid. Consequently, estimation of the FMV of the property as on 1.4.1981 as made by the assessee is directed to be accepted. Ground of the assessees is allowed.
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