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2024 (3) TMI 772 - ITAT AHMEDABADCapital gain - Valuation of the property sold by the assessee - reference to DVO for the determination of the value of the cost of suggestion declared by assessee - Scope of amendment in section 55A(a) w.e.f. 01-07-2012 allowing reference for determination of fair market value of cost of land - HELD THAT:- Amendment brought w.e.f. 01-07-2012 would be applicable from Assessment Year 2013-14 and therefore the submission made by the ld. A.R. that such reference cannot be made u/s. 55A of the Act for the year under consideration i.e. Assessment Year 2012-13 is found to be acceptable. Therefore, argument advanced by the ld. senior counsel on the merit of the matter and the order passed by the Kolkata Bench, we do not hesitate to hold that the reference made by the ld. A.R. in the instant case u/s. 55A of the Act is not found to be sustainable in view of the amendment in section 55A(a) w.e.f. 01-07-2022 applicable from Assessment Year 2013-14 and not to the instant case for Assessment Year 2012-13. Thus we delete the addition made by the authorities below.
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