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2021 (7) TMI 246 - ITAT SURATCapital gain computation - validity of reference to DVO under section 55A - determination of Fair market Value (FMV) - rejecting registered valuer's report for determining cost of acquisition of land as on 01.04.1981 - Whether Ld. CIT(A) as well as the A.O. has erred in computing LTCG by taking FMV as on 01.04.1981 on the basis of DVO report ignoring the statutory position of law that reference to DVO u/s 55A is not valid prior to 01.07.2013?- HELD THAT:- There is no dispute that assessee while computing the capital gain adopted fair market value on the basis of Government approved value @ 300 per sq. mtr in respect of all 3 parcels of land. AO adopted value suggested by DVO in assessee’s own case @ ₹ 185 per sq. mtr part of land and @ 200 per sq. mtr with regard to other part of land. We find that before the Tribunal the assessee has raised additional ground of appeal which is purely legal in nature. Assessee submits that the assessee vide adopting value of asset on higher rate than the fair market value and the amendment made in section 55A w.e.f. 01.07.2012 is not applicable. As relieng upon the decision of Pooja Prints[2014 (1) TMI 764 - BOMBAY HIGH COURT] and CIT Vs Gaurngiben S Shodhan. [2014 (2) TMI 78 - GUJARAT HIGH COURT] wherein it was held that the amended provision of section 55A is not retrospective. Further, we find that in similar said of fact this combination in Jagrutiben V. Patel [2020 (11) TMI 991 - ITAT SURAT] from points the following order. Considering the aforesaid factual and legal discussion and keeping in view the binding decision of jurisdictional High Court in Jagrutiben V. Patel (supra) Hon'ble Bombay High in Pooja Prints (supra) that amended provision of section 55A is not applicable on the transaction made prior to 01.07.2012. - Decided in favour of assessee.
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