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The Tax PublishersITA No. 06/Srt/2017
2021 TaxPub(DT) 1097 (Sur-Trib)INCOME TAX ACT, 1961
Section 55A
Value of land shown by assessee as on 1-4-1981 based on registered valuer report was even higher than the value subsequently determined by the Valuation Officer (VO) and therefore, AO was not empowered to refer the matter to DVO even as per erstwhile provisions of section 55A(a) prior to amendment by the Finance Act, 2012.
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Capital gains - Reference to DVO - Value claimed by assessee was more than its fair market value determined by DVO -
Assessee sold his agricultural land during the relevant period under consideration and adopted the value was based on Government Approved Valuer the value @Rs. 750 per sq.mt. AO referred the matter to (DVO) who determined market value of land as on 01-4-1981 @ Rs. 35.89 per sq.mt. AO on the basis of report of DVO calculated capital gain and made addition in assessee's hands. Held: In the instant case, value of land shown by assessee as on 1-4-1981 based on registered valuer report if considered, it would reveal that same was in fact even higher than the value subsequently determined by the Valuation Officer (VO) and therefore, AO was not empowered to refer the matter to DVO even as per erstwhile provisions of section 55A(a) prior to amendment by the Finance Act, 2012. Therefore, addition made by AO could not be sustained.
Relied:CIT v. Gauranginiben S. Shodhan Indl. (2014) 366 ITR 238 (Guj-HC) : 2014 TaxPub(DT) 3200 (Guj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
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