TMI Blog2009 (9) TMI 1006X X X X Extracts X X X X X X X X Extracts X X X X ..... der of CIT(A) dated 27.1.2009 for the AY 2005-06 wherein following grievance was raised by the Revenue :- On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the additions amounting to ₹ 27,51,870/- rightly made by the AO on account of difference in fair market value as valued by the valuer by the Asstt.Valuation Officer and sale consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the CIT(A) deleted the addition by relying on the decision of ITAT Delhi Bench in the case of Tej Pratap Singh - 22 SOT 156 and the decision of Hon'ble Jurisdictional High Court in the case of Smt.Nilofer I.Singh - 176 Taxman 252. 4. We have considered the rival contentions and gone through and the orders of the authorities below. With regard to the question of making a reference u/s 55A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is indicated in s. 45(4) of the said Act where the profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other AOP or BOI are to be computed is in question. In such a situation, the provision itself makes it clear that for the purposes of s. 48, the fair market value of the asset on the date of such transfer shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived or accruing as a result of the transfer of capital asset, i.e. cost of acquisition and expenditure incurred in connection with the transfer, are to be deducted from the full value of the asset. The expression full value of consideration does not mean market value or fair market value of the asset transferred. Hence, capital gain tax cannot be computed or levied with reference to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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