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2019 (3) TMI 1630 - AT - Income TaxComputation of long term capital gains - reference to DVO - FMV declared by assessee as on 01.04.1981 - DVO had valued the said property as on 01.04.1981 at a lesser figure - Section 55A(a) of the Act in 2012 by which the words "is less then the fair market value" is substituted by the words " "is at variance with its fair market value" - HELD THAT:- We find no merit in the stand of authorities below. AO or CIT(A) is precluded from adopting the fair market value as on 01.04.1981 at a value lesser than the value declared by the assessee, while computing the long term capital gains, in view of the ratio laid down by the Hon’ble Bombay High Court in CIT Vs. Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT]. No reference can be made u/s 55A in order to value the cost of acquisition of property as on 01.04.1981 at a figure lesser than the value declared by the assessee. We direct the Assessing Officer to adopt the fair market value declared by assessee as on 01.04.1981 in order to compute the income from long term capital gains in the hands of assessee. - decided in favour of assessee.
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