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2018 (8) TMI 1867 - ITAT PUNECapital gain computation - adoption of Fair Market Value as on 01.04.1981 - reference made under section 55A to DVO - HELD THAT:- It transpires that the issue of adoption of fair market value as on 01.04.1981 and whether the same can be adopted at value lesser than the value declared by the assessee, while computing Income from Capital Gains, has been deliberated upon by the Hon’ble Bombay High Court in CIT Vs. Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] The reference to the Departmental Valuation Officer by the Assessing Officer is unsustainable because the case of assessee is clearly covered u/s 55A(a) - This is for the reason that Section 55A(b)of the Act very clearly states that it would apply in any other case i.e. a case not covered by Section 55A(a) of the Act. The year under appeal before the Tribunal is assessment year 2010-11 and in case the same simile is applied to the facts of the present case, the Assessing Officer is not empowered to adopt the fair market value of the said property at ₹ 10,000/- per acre. Accordingly, we reverse the order of CIT(A) in this regard and direct him to adopt the fair market value as on 01.04.1981 as declared by the assessee. Deduction u/s 54F - HELD THAT:- In case the fair market value adopted at a figure shown by the assessee, then in case it is necessary to adjudicate the claim of deduction under section 54F of the Act, the Assessing Officer may provide reasonable opportunity of hearing to the assessee in this regard to furnish complete information and thereby decide the said issue. The grounds of appeal raised by the assessee are thus, allowed as indicated above.
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