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2022 (8) TMI 1292 - ITAT PUNELong term capital gain computation - FMV Determination - Reference to DVO - lower authorities action adopting fair mark value of the capital asset in the issue as on 01.04.1981 after making reference to the DVO thereby rejecting his valuation report - HELD THAT:- We note in this factual background that section 55(A); as in assessment year 2012-13 before us contained, only the statutory expression “ is less than its fair market value” before its subtutions by Finance Act 2012 w.e.f. 01.07.2012 as “is at variance with its fair market value” in an instance involving the registered valuer’s report. Hon‟ble jurisdictional high court decision in CIT V/s Pooja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] holds forgoing amendment to be having prospective effect only. That being the case, we conclude that learned lower authorities have erred in law and on facts in making the impugned long term capital gain addition after reference to the DVO u/s. 55A(a) of the Act. The assessee’s corresponding grounds in the instant appeal are accepted.
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