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TMI Blog2021 (1) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... have raised certain common grounds of appeal. Facts are common in both the appeals being part of same group, thus, both the appeals were clubbed, heard and are decided by consolidated order. For appreciation of facts, the appeal of Smt Padmaben N Patel in ITA No.275/AHD/2016 is treated as lead case. 2. Brief facts of the case are that assessee filed the Return of Income for the assessment year 2012-13 on 17.12.2013 declaring Nil income. The case was selected for scrutiny. In the computation of income, filed along with the Return of Income, the assessee claimed Long Term Capital Loss of Rs.10,23,492/- on sale of agricultural land along with her coowner situated at Survey No.78/1+79, Block No.83, Village Karadava, District Surat on 07.03.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Sq. mtr by adopting Reverse Index Method. 2. The learned CIT(A) has erred in not appreciating that Reverse Index Method adopted by the Government approved registered valuer is one of the recognized modes of Valuation and is valid. 3. The learned CIT(A) has erred in law in directing the Assessing officer to refer the matter to DVO which is against the provisions of Section 55A of the Act. 4. The learned CIT(A) has erred in law in adopting the Fair Market Value of the land as on 01.04.1989 @14.18 per sq. mtr as determined by DVO. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal." 5. At the outset, on hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he basis of Registered Valuer was not less than fair market value rather it was on higher side. The AO wants to reduce the value i.e. cost of acquisition as on 01.04.1981. It is not permissible prior to amendment carried out in section 55A of the Act. Whether this amendment can be taken into consideration for the assessment year under consideration. We find that the Government Registered Valuer has considered the rate of land at village Karadva @250 per sq. meter and for land at village Sania Kande @200 per sq. meter as against which the DVO has adopted the rate @ 14.18 and 5.59 per sq. meter respectively. Whereas Ld. CIT (A) has considered the rate for both land @ 30 per sq. meter. Considering, the variation in three authorities, and consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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