Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (2) TMI 697 - ITAT CHENNAIAssessment of capital gains/loss - assessee has declared the fair market value as on 01.04.1981 which is higher than the estimate made by the DVO - value adopted by the DVO can be taken for computing fair market value or not? - HELD THAT:- It is clear that where value of capital assets shown by the assessee being less than its fair market value, reference can only be made to DVO in that condition, but in case the value of capital asset shown is more than fair market value, reference cannot be made as held by Hon’ble Bombay High Court in the case of Daulal Mohta (HUF), [2008 (9) TMI 890 - BOMBAY HIGH COURT] In the present case, the assessee has declared value as on 01.04.1981 at Rs. 21,58,689/- and hence, the value determined by the DVO is less than that at Rs. 27,000/- and hence, the value adopted by the DVO cannot be taken for computing fair market value. Hence, we allow this issue of assessee’s appeal and reverse the orders of lower authorities on this issue.
|