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2020 (6) TMI 429 - AT - Income TaxCapital gain computation - reference made u/s 55A - value of immovable property determined by the District Valuation Officer - AO adopted the fair market value of the property as on 01.04.1981 as determined by DVO for the purpose of computation of long term capital gain - scope of provisions of section 55A(a) as amended - HELD THAT:- Amended provisions of section 55A(a) is applicable from 01.07.2012, that is, (previous year 01.07.2012 to 31.03.2013) for assessment year 2013-14 onwards. Whereas the assessee sold the property on 21.07.2011, therefore amended provisions of section 55A(a) does not apply to the assessee under consideration. In assessee`s case the assessment year is A.Y. 2012-13 whereas amended provisions of section 55A(a) of the Act are applicable from A.Y. 2013-14. Hence, pre-amended section 55A(a) is applicable to the assessee wherein the terminology used is “is less than its fair market value” . We note that assessee`s qualified Registered Valuer of Income Tax had valued the property at fair market value on 01.04.1981 at ₹ 18,51,000/- which is not less than the fair market value done by the District Valuation Officer of Income Tax Department at ₹ 5,82,083/-. Based on the position in law as explained above, we direct the assessing officer to take the fair market value of the property as on 01.04.1981 at ₹ 18,51,000/- for the purpose of computation of long term capital gain. - Decided in favour of assessee.
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