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2020 (8) TMI 305 - AT - Income TaxCapital gain computation - Assessment order framed by the AO u/s 143(3) as erroneous insofar prejudicial to the interest of revenue - AO power to substitute the value shown by the assessee as on 1 April 1981 under the provisions of section 55A - making reference or substituting the value shown by the assessee as on 1 April 1981 - HELD THAT:- From the provisions of section 55A reveals that the AO can substitute the value shown by the assessee as on 1 April 1981 if he has shown less value whereas the assessee in the present case has shown the higher value. Thus the question of making reference or substituting the value shown by the assessee as on 1 April 1981 in the given facts and circumstances does not arise. There was an amendment under the provisions of section 55A where the word ‘variance’ was inserted but such amendment is applicable with effect from 01-07-2012 which is prospective in nature. Thus amended provisions cannot be applied in the year under consideration. Accordingly, we do not find any infirmity in the assessment order framed under section 143(3) of the Act. Accordingly we hold that the order framed under section 263 of the Act is not sustainable and hence we quashed the same. Thus the ground of appeal of the assessee is allowed.
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