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2017 (9) TMI 464 - AT - Income TaxValidity of reference made by the AO to the DVO - Long term capital gain for transfer of share in development rights of land - rights already been transferred on 11-11-1999 and valuation of DVO adopting fair market value as on 01-04-1981 - Held that:- As in assessee’s own case for AY 2004-05 [2017 (1) TMI 730 - ITAT MUMBAI] wherein identical issue was considered following case of CIT vs. Puja Prints (2014 (1) TMI 764 - BOMBAY HIGH COURT) wherein the facts are exactly similar and reference so made by the AO was held to be invalid for the assessment year falling prior to the amendment so brought in by Finance Act 2012. Undisputedly, relevant assessment year under consideration is assessment year 2004-05, which is prior to the amendment brought in Section 55A(a) by Finance Act 2012 w.e.f. 01/07/2012. Thus we do not find any merit for the reference so made by the AO to the DVO, when the value offered by assessee was more than the value determined by the AO in respect of assessment year falling prior to introduction of amendment brought in Section 55A(a) by Finance Act 2012 w.e.f. 1/7/2012. - Decided in favour of assessee.
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