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2022 (1) TMI 1102 - ITAT AHMEDABADCapital gain computation - reference to the Valuation Officer under s.55A - CIT-A confirming the action of the AO in adopting the value of property as on 01.04.81 as per the report of the Valuation Officer instead of value thereof as on 01.04.81 as determined by the Valuation Officer u/s.55A(a) - HELD THAT:- As no claim was made by the assessee for forming any opinion as to existence of prescribed difference between value of asset as claimed by assessee and fair market value as relying on Hiaben Jayantilal Shah [2008 (4) TMI 292 - GUJARAT HIGH COURT] wherein it is held that Section 55A of the Act did not permit the authority to find out the fair market value of the property outside of the sale. Also in RANCHODBHAI C. PATEL [2020 (12) TMI 171 - ITAT AHMEDABAD] held that where in case of immovable property sold by the assessee determined by Valuation Officer lesser than value declared by the assessee as on 01.04.1981, in that case reference to the Valuation Officer under s.55A of the Act was not warranted and it was also mentioned that amendment brought in Section 55A of the Act w.e.f. 01.07.2012 by Finance Act, 2012, according to which, reference could be made by the AO to D.V.O. if value of immovable property determined by assessee was lesser than fair market value of property, is applicable prospectively and not retrospectively. As prior to 01-07-2012, no section 55A valuation if value of asset given by assessee was more than its market price - See M/S. PUJA PRINTS [2014 (1) TMI 764 - BOMBAY HIGH COURT] - Appeal filed by the assessee is allowed.
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