TaxTMI 
TaxTMI 
2016 (8) TMI 1528
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....Assessing Officer has challenged correctness of the order dated 5th September, 2013, passed by the learned CIT(A), for the assessment year 2009-10, on the following grounds :- "i) The ld. CIT(A) has erred in law and on facts on reducing the LTCG of Rs. 1,94,85,764/- by rejecting the valuation report of the Departmental Valuation Cell and adopting the Valuation Report of the Regd. Valuer. ii) Th....
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....ced that the assessee has sold 2,846 sq. yards land for a consideration of Rs. 11,38,40,000/- on 23.06.2008. The fair market value, as on 01.04.1981, of this property was taken at Rs. 73,47,200/-. However, as the Assessing Officer was not satisfied with this valuation, on the basis of registered Valuer's report, he referred the matter to the DVO "in view of provisions of section 55A(b)(ii) of the ....
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....ute u/s. 55A(a) or 55A(b) of the Act, the value provided by DVO for the property as on 01/04/81 if the appellant submitted the govt. approved valuer report for adoption of such value in his computation of capital gain." The Assessing Officer is aggrieved and is in appeal before us. 3. We have heard the rival submissions, perused the material on record and duly considered facts of the case in the ....
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....ficer that the value of the asset shown as on 1.4.1981 was less than the fair market value. Such clause, therefore, as it stood at the relevant time, had no application to the valuation as on 1.4.1981. We are conscious that with effect from 1.7.2012, the expression now used in clause (a) of section 55A is "is at variance with its fair market value". The situation may, therefore, be different after....