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2018 (6) TMI 691 - AT - Income TaxAddition based on report of the district valuation officer (DVO) u/s 55A(a)(ii) - valuation of property done by DVO was much less than that shown by assessee - whether assessee has adopted higher fair value as on 01.04.1981 to pay the lesser capital gain - validation of reference made by the Assessing Officer to the DVO for the valuation of the property - conflicting decisions - Held that:- As decided in the case of Sundeep Kumar Bafna v. State of Maharashtra [2015 (8) TMI 724 - SUPREME COURT] a decision or judgment can also be per incuriam if it is not possible to reconcile its ratio with that of a previously pronounced judgment of a co- equal or larger Bench and when High Courts encounter two or more mutually irreconcilable decisions of the Supreme Court cited at the Bar, the inviolable recourse is to apply the earliest view as the succeeding ones would fall in the category of per incuriam. ROYAL CALCUTTA TURF CLUB VERSUS DEPUTY COMMISSIONER OF INCOME-TAX AND VICE VERSA [2017 (11) TMI 1200 - ITAT KOLKATA] followed Valuation of land done by the assessee’s registered valuer is more than the value determined by the DVO therefore, valuation determined by DVO cannot be accepted since the assessee’s case under consideration is prior to 1st July 2012 i.e. belonging to Assessment Year 2011-12, whereas the mandated provisions come into effect from Assessment Year 2013-14, therefore, it is against the provisions of section 55A(a) of the Act and hence, the valuation determined by the DVO cannot be accepted. We note that assessee’s case under consideration is squarely falls u/s 55A(a) of the Act. As decided in CIT vs. Pooja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] where in it was held that neither section 55(A)(b)(ii) nor the amended section 55(A)(a) can be invoked for referring case of the appellant for valuation of an asset as on 01.04.1981, as the amendment was effective from 01.07.2012 and not retrospectively. - Decided in favour of assessee.
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