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2022 (11) TMI 1296 - AT - Income TaxCapital gain computation - valuation of property by DVO - difference in sale value as estimated by DVO and declared value by assessee - value declared by assessee on 01.04.1981 is more than its fair market value - Scope of amendment in Section 55A - whether estimation of value of assets as on 01.04.1981 is required to be ignored? - HELD THAT:- As find that there is no dispute that assessee has sold both the properties / assets prior to the amendment in Section 55A. Therefore as per the decision in the case CIT vs. Gaurangiben S. Shodhan Indl. [2014 (2) TMI 78 - GUJARAT HIGH COURT] the amended provision in clause-(a) of Section 55A, which is inserted with effect from 01.07.2012 and the words “at variance with its fair market value”, is not applicable on the transaction of assessee. Therefore, find merit in the submission of assessee direct the Assessing Officer to verify the computation of income furnished by assessee which is recorded in para- 7 of this order and grant appropriate relief to assessee. Needless to direct that before passing the order the Assessing Officer shall grant opportunity of hearing to assessee. In the result, the grounds raised by assessee are allowed.
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