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2021 (2) TMI 1005 - AT - Income TaxCapital gain computation - reference u/s.55A - CIT(A) upholding substitution of fair market value as on 01.04.1981 as worked out by DVO on a reference made u/s.55A by Assessing Officer of co-owner of the appellant - HELD THAT:- The value of the land shown by the assessee as on 1.4.1981 based on the registered valuer report is considered, it would reveal that the same was in fact even higher than the value subsequently determined by the valuation officer and therefore, the Assessing Officer was not empowered to refer the matter to the valuation officer even as per erstwhile provisions of section 55A(a) prior to amendment by the Finance Act, 2012. Considering the decision of Gauranginiben S Shodhan [2014 (2) TMI 78 - GUJARAT HIGH COURT] and Pooja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] when the transaction of sale of land was taken during the financial year 2011-12 relevant to the assessment year 2012 -13, the amended provision of section 55A(a) would not be applicable and one shall be guided by the erstwhile provision of un-amended section 55 A(a) of the Act. Therefore, respectfully following the same, we allow the ground No. 1 raised by the assessee
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