Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 1528 - AT - Income TaxLTCG computation - Reference to DVO for ascertaining the fair market value as on 1.4.1981 - whether CIT(A) has erred in law and on facts on reducing the LTCG by rejecting the valuation report of the Departmental Valuation Cell and adopting the Valuation Report of the Regd. Valuer? - HELD THAT:- We find that the issue is squarely covered by the case of GAURANGINIBEN S. SHODHAN INDL. [2014 (2) TMI 78 - GUJARAT HIGH COURT] prior to the amendment in section 55A with effect from 1.7.2012 in a case, the value of the asset claimed by the assessee is in accordance with the estimate made by the Registered Valuer, if the Assessing Officer was of the opinion that the value so claimed was less than its fair market value as on 1.4.1981. It would not be the case of the Assessing Officer that the value of the asset shown as on 1.4.1981 was less than the fair market value. Such clause, therefore, as it stood at the relevant time, had no application to the valuation as on 1.4.1981. Thus we confirm the relief granted by the learned CIT(A) and decline to interfere in the matter. - Decided against revenue.
|