Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 239 - AT - Income TaxComputation of long term capital gains - A.O. disregarding the L.M.V. of the transferred property as on 01.04.1981 claimed by the appellant - partial disallowance with respect to exemption u/s 54 - CIT (A) directed the AO to refer the valuation of property to the DVO for ascertaining correct fair market value as on 1.4.1981 - Whether rates of the registered valuer could not be rejected by the Assessing Officer without having referred the matter to the DVO? - HELD THAT:- Hon’ble Bombay High Court in the case of C.I.T. vs. Raman Kumar Suri [2012 (12) TMI 421 - BOMBAY HIGH COURT] had held that the valuation done by the registered valuer is with regard to a specific property and the same takes into account its various advantages and disadvantages, all of which would influence the valuation of property. The Hon’ble Bombay High Court went on to hold that the valuation done by an empanelled registered valuer of the Income Tax Department would certainly take precedence over other indicators. no option but to accept the assessee’s contention that the Assessing Officer was not right in discarding the report of the registered valuer without having made a reference to the DVO and, therefore, the rate adopted by the Assessing Officer for the purpose of computation of fair market value cannot be upheld. Accordingly, we set aside the order of the Ld. CIT (A) and direct the Assessing Officer to re-compute the fair market value of the land as on 1.4.1981 by taking into account the rate as adopted by the registered valuer. - Decided in favour of assessee.
|