Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 407 - ITAT AHMEDABADLong term capital gain addition - reference to the DVO under section 55A to determine fair market value of the property - assessee as co-owner sold the property - Held that:- In the case of other co-owners, viz. Late, Shantaben Patel, Babubhai Ramanlal Patel and Ilaben K. Patel for the assessment year 2011-12 similar issue went upto the Tribunal, and in the Tribunal [2018 (4) TMI 1549 - ITAT AHMEDABAD] considered the issue in detail and following the judgment of jurisdictional High Court in the case of Gaurangiben S. Shodhan [2014 (2) TMI 78 - GUJARAT HIGH COURT] deleted additions made under the head “Long Term Capital Gain”. Therefore, this issue being similarly situated be allowed in favour of the assessee. Value shown by the appellants of the property a on 1.4.1981 is considered then it was not less than fair market value and reference cannot be made. As far as the amendment carried out in section 55A is concerned, it is with effect from it is with effect from 01.07.2012 i.e. by finance 2012 the transaction taken place in F.Y. 2010-11 relevant to assessment year 2011-12 and the amended provision would not be applicable on this transaction. - Decided in favour of assessee
|