Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 258 - ITAT PUNEReference to DVO u/s 55A - Computation of capital gain - fair market value of the property as on 01-04-1981 adopted - Held that:- We do not find any infirmity in the order of Ld.CIT(A) on this issue since the issue squarely stands decided in favour of the assessee and against the revenue by the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Doulal Mohta (HUF) [2008 (9) TMI 890 - BOMBAY HIGH COURT] wherein it has been held that reference to the departmental valuation officer can only be made in cases where the value of the capital asset shown by the assessee is less than its fair market value as on 01-04-1981. Where the value of the capital asset shown by the assessee on the basis of the approved valuer’s report was more than its fair market value, reference u/s.55A of the Act, 1961 was not valid. Also see The Commissioner of Income Tax-13 Versus M/s. Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] - Decided against revenue
|