TMI Blog2020 (4) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... e addition by adopting fair market value as on the date of transfer of land at ₹ 955/- p.s.m., being the stamp value. There is no scope for further reduction in such value as urged on behalf of the assessee. This ground is dismissed. Valuation as on 01-04-1981 - assessee adopted the unindexed rate of ₹ 163.50/- p.s.m. as on 01-04-1981 - on the basis of the DVO s report that the ld. CIT(A) adopted the rate of ₹ 50/- per sq.mtr as the F.M.V as on 1.4.1981 - HELD THAT:- Going by the interpretation of the pre-amended provision by the Hon ble jurisdictional High Court in the case of Puja Prints [ 2014 (1) TMI 764 - BOMBAY HIGH COURT] as applicable to the facts of the instant case, it is vivid that no reference could ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of consideration and the fair market value of the property as on 01-04-1981 at ₹ 163.50/- per sq. meter as the unindexed cost of acquisition. The Assessing Officer (AO) tweaked both the components in the computation of capital gain. He observed that the stamp value of the land in question was more than the amount of actual sale consideration and also the fair market value as on 1.4.1981 was less. The assessee was called upon to explain as to why the stamp value of the transferred land be not considered against the actual value declared in terms of section 50C of the Act. On an objection from the side of the assessee, the AO made a reference to the DVO for determining the fair market value of the property as on 01-04-1981 and also o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le came up for consideration before the Tribunal. Vide order dated 06- 02-2020, the Tribunal has directed to adopt ₹ 1,032/- as per sq. mtr as fair market value on the date of sale in that case, namely, 08-01-2004 against survey number 187. It, therefore, emerges that the stamp value of ₹ 955/- in this case is still less than the fair market value determined by the Tribunal for similar property in the case of Shri Nitin N. Shewale. Under such circumstances, I agree with the view taken by the ld. CIT(A) in restricting the addition by adopting fair market value as on the date of transfer of land at ₹ 955/- p.s.m., being the stamp value. There is no scope for further reduction in such value as urged on behalf of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Puja Prints (supra) would be applicable only where the assessee furnishes a report of some Registered valuer, which was not extantly done. He, therefore, did not accept this contention of the assessee. 5. Having heard both the sides and gone through the relevant material on record, it is seen that amendment to section 55A in the above terms has been carried out and made effective from 01-07-2012. The assessment year under consideration is 2004-05 and the AO made reference to the DVO for determining the fair market value before completion of assessment in December, 2011. Thus, it is apparent that, by no standard, the amended provision is attracted to the instant case. Going by the interpretation of the pre-amended provision by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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