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2023 (4) TMI 815 - AT - Income TaxLong term capital gain - value determined by the valuation officer - HELD THAT:- As in the case of Virendra Natwarlal Jariwala [2021 (6) TMI 975 - ITAT SURAT] whereby the issue relating to Section 55A(a) inserted with effect from 01.07.2012 by the Finance Act, 2012 for providing for reference by Assessing Officer to DVO for determination of value of property sold by assessee and which was not applicable retrospectively has been discussed and adjudicated in favour of the assessee. In view of the amendment to Section 55A(a) of the Act by which the words “is less than the fair market value” is substituted by the words “is at variance with its fair market value” is clarificatory in nature and it should be given retrospective effect. Therefore, the amendment was made effective only from 01.07.2012 which is applicable for the AY. 2013-14. However, in the assessee’s case under consideration, the assessment year involved is AY.2012- 13, therefore, the amended provisions are not applicable to the assessee under consideration. Thus held without going into the merits of the basis of valuation so adopted by the registered valuer and subsequently by the department's valuation officer, in absence of a valid reference to the valuation officer, the addition so made under the head "long term capital gains" so far as it relates to cost of acquisition as substituted by fair market value as on 1-4-1981 is directed to be deleted. Therefore, respectfully following the binding judgment of the Co-ordinate Bench above, we allow the appeal of the assessee.
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