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2021 (6) TMI 942 - AT - Income TaxCapital gain computation - addition made on the basis of valuation of DVO - AO accepted the report of DVO and worked out the Long Term Capital Gain (LTCG) on the basis of rate suggested by DVO - assessee claimed deduction under section 54B of the Act of ₹ 13,75,300/-, thus, the AO after granting set off of deduction under section 54B made addition - HELD THAT:- The assessee sold a piece of land on 06.09.2011 along with his co-owner. Thus, the amended provision of section 55A(a) is not applicable for the year under consideration. Further, we find that the AO while making the reference to the DVO has not form an opinion that FMV adopted by assessee is not a fair value. As noted earlier, the amended provision under section 55A(a) is not applicable for the year under consideration, therefore, the reference made by AO was invalid. As relying on GAURANGINIBEN S. SHODHAN INDL. [2014 (2) TMI 78 - GUJARAT HIGH COURT] and M/S. PUJA PRINTS [2014 (1) TMI 764 - BOMBAY HIGH COURT] the ground raised by assessee is allowed.
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