TMI Blog2009 (9) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... .K. Bansal, Accountant Member. - This appeal has been filed by the assessee against the order of the CIT(A) dated 17-4-2007. The only issue involved in this appeal relates to Long Term Capital Loss of Rs. 31,34,980 claimed by the assessee on sale of Bungalow at 6, Puja Bungalows, Satellite, Ahmedabad. 2. The brief facts of the case are that the assessee purchased bungalow at 6, Puja Bungalows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under: "3.3 I have considered the facts of the case and the submissions as advanced by the appellant. I do not agree with the appellant s contentions. It is a fact that the value of property has escalated in every city, as also in Ahmedabad during the period from 1999-2004. Hence it cannot be accepted that when the value of property was Rs. 83.9 lakhs in the year 1999, the.......has decline ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arging provision makes any profit or gain arising from the transfer of capital asset effected in the previous year, chargeable to income-tax under the head "Capital gains". Section 48 determines the mode of computation under the head "Capital gains". It provides that the income chargeable under the head "Capital gains" shall be computed, by deducting full value of the consideration received or acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer to make a reference to the Valuation Officer for determining the Fair Market Value of a capital asset for the purpose of computation of the capital gain. Full value of the consideration and Fair Market Value both are different terms and are having different meanings. Section 55A does not empower the Assessing Officer, in our opinion, to make a reference to the Valuation Officer for determining ..... X X X X Extracts X X X X X X X X Extracts X X X X
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