Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be fully migrated on 31-July-2025 at 23:59:59
After this date, all services will be available exclusively on our new platform.
If you encounter any issues or problems while using the new portal,
please let us know
via our feedback form
, with specific details, so we can address them promptly.
Home
2015 (7) TMI 1216 - AT - Income TaxCapital gain computation - FMV determination - reference to DVO - Held that - The assessee filed report of Registered Valuer in support of the market value as on 01.04.1981. The Assessing Officer was not having any evidence or material before him to contradict the report of the Registered Valuer. The Assessing Officer if was not satisfied with the report of the Registered Valuer could have made a reference to the Departmental Valuation Officer under section 55A of the Act for the purpose of computing income from capital gains. AO has thus not acted in accordance with law and without any basis or evidence in his possession did not accept report of the Registered Valuer. In the absence of any material on record Assessing Officer should not have made his own calculation for the purpose of computing the capital gains. The orders of the authorities below thus cannot be sustained in law. We accordingly set aside the orders of authorities below and direct Assessing Officer to accept valuation reported by the assessee as per report of the Registered Valuer as on 01.04.1981 and accept the computation filed by the assessee. - Decided in favour of assessee.
|