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2019 (12) TMI 208 - AT - Income TaxRevision u/s 263 - proceedings before AO were in second round where the matter was remitted back to the file of the AO to make a denovo assessment as per the directions of the Tribunal in assessee’s own case - dispute was with regard to computation of long term capital gains vis-a-vis the cost of acquisition as on 01.04.1981 - HELD THAT:- The assessee in the initial assessment proceedings had filed a valuer report of Registered Valuer in support of the fair market value as on 01.04.1981. In the second round of litigation, the assessee again filed a valuer report of Registered Valuer and had placed reliance on sale instance of another property in 1985 in the adjacent area and also instance of acquisition proceedings by the Income tax Department in another case. The Registered Valuer on the basis of the same had adopted the value of the property at ₹ 95,28,000/- i.e. by backward calculation from 1985 to 1981. On the other hand, the DVO had made backward calculation of the valuation of the property from the date of sale and had not relied on any sale instance during the corresponding period. The Tribunal had not accepted the DVO’s report in the first round. The Commissioner was of the view that the Assessing Officer has failed to correctly determine the fair market value as on 01.04.1981. Whether the value has been correctly determined or not, we may refer to the decision of Hon’ble Bombay High Court in CIT vs Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] wherein it has been laid down that the provisions of section 55A(a) of the Act cannot be applied and no reference is possible to be made to the DVO for determining the market value of the property at a figure less than that shown by the assessee. Accordingly, AO had no authority to make any such reference to the DVO to determine the value of the property i.e. cost of acquisition as on 01.04.1981, at any price less than the price shown by the assessee. AO has to accept the valuation shown by the assessee as on 01.04.1981. The said valuation is supported by a report of the Registered Valuer and other sales instance during the period. In such facts and circumstances, we find no merit in the exercise of the jurisdiction by the Commissioner u/s 263 - Decided in favour of assessee
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