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TMI Blog2020 (6) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... ct') dated 23/03/2015. 2.The appeal filed by the assessee for Assessment Year 2012-13, is barred by limitation by 73 days. The assessee has moved a petition requesting the Bench to condone the delay.Learned Counsel explained the reasons that assessee lives in hilly area far from Kolkata, therefore there was a communication gap between assessee and his advocate therefore, the delay of 73 days occurred. We have heard both the parties on this preliminary issue and having regard to the reasons given in the petition, we condone the delay and admit the appeal for hearing. 3. Although in this appeal, the assessee has raised a multiple grounds of appeal but at the time of hearing the solitary grievance of the assessee has been confined to the iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty under consideration at Rs. 5,82,083/- as on 01-04-1981. On the other hand, the assessee vide his return of income dated 31-08-2012 claimed the Fair Market Value of his property at Rs. 18,51,000/- as per his registered valuer of income tax, vide report dated 21-06-2011.Whereas,the valuation of DVO was at Rs. 5,82,083/-as stated above. During the scrutiny proceedings, the assessee prayed the AO that Fair Market Value of his property at Rs. 18,51,000/- should be adopted for computation of capital gain. However, the AO rejected the contention of the assessee and held that since the reference was made u/s 55A of the Act and whereupon report of DVO is binding upon the AO in terms of same reference made u/s 55A read with Section 16A, read w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... go through the provisions of section 55A of the Income tax Act 1961, which reads as follows: "Section 55A:Reference to Valuation Officer. 55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer- (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] officer is of opinion that the value so claimed [is at variance with its fair market value]; (b) in any other case, if the [Assessing] Officer is of opinion- (i) that the fair market value of the asset exceeds the value of the asset as claimed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e value so claimed [is less than its fair market value]; We note that amended provisions of section 55A(a) is applicable from 01.07.2012, that is, (previous year 01.07.2012 to 31.03.2013) for assessment year 2013-14 onwards. Whereas the assessee sold the property on 21.07.2011, therefore amended provisions of section 55A(a) does not apply to the assessee under consideration. In assessee`s case the assessment year is A.Y. 2012-13 whereas amended provisions of section 55A(a) of the Act are applicable from A.Y. 2013-14. Hence, pre-amended section 55A(a) is applicable to the assessee wherein the terminology used is "is less than its fair market value" . We note that assessee`s qualified Registered Valuer of Income Tax had valued the property a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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