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2021 (6) TMI 975 - AT - Income TaxCapital gain computation - assessee sold a piece of non-agricultural land along with its three co-owners - addition on LTCG on the basis of report of DVO, received in assessee’s co-owners case and apply the cost as on 01.04.1981 @ ₹ 550 per sq. mtr. - whether CIT(A) ought to have directed the Ld. A.O. to adopt the value as on 01st April 1981 as adopted by the appellant as per the valuation report submitted by him and hence Your Petitioner prays that the ld. A.O. be directed to adopt the rate @ 700 per sq. Mt. instead of the rate as per report of DVO.? - HELD THAT:- We find that the assessee sold piece of land on 04.06.2012. There is no dispute about the date of transaction - amendment to section 55A(a) i.e. substitution of the word “is at variance with the Fair Market Value” were inserted in the Income Tax Act w.e.f 01.07.2012 and the same is not applicable retrospectively - amended provisions of section 55A is not applicable to the facts of the present case. Since the amendment made in the statute is not applicable on the transaction dated 04.06.2012, therefore, the reference made by the AO was invalid. We further find that the ground of appeal raised by the assessee is squarely covered by the decision of Tribunal in Ranchodbhai C. Patel [2020 (12) TMI 171 - ITAT AHMEDABAD] wherein on transaction of sale of land prior to 01.07.2012, the assessee in that case was allowed similar relief by the Tribunal, by following the decision of Jurisdictional High Court in CIT Vs Gauranginiben S Sodhan [2014 (2) TMI 78 - GUJARAT HIGH COURT] and Hon’ble Bombay High Court in CIT Vs. Pooja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] 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. In the result, the appeal of the assessee is allowed
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