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TMI Blog2014 (6) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... cordance with section 55A of the Act – thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee. Dismissal of the claim of cost of acquisition – FMV provided u/s 55(22)(b)(i) of the Act as on 01.04.1981 – Held that:- An option is given to the assessee to substitute fair market value as on 01.04.1981 if the property became the property of the assessee before 01.04.1981 - the assessee has claimed that the property was acquired in 1963, the cost of acquisition should be the fair market value as on 01.04.1981 – thus, the matter is remitted back to the AO for verification - Decided in favour of Assessee. Denial of deduction u/s 80C of the Act – Tuition fee f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppreciating the reasons put forth by the appellant for the fair market value of the property to be lower than the value as per stamp valuation authority, particularly on account f the said property being possession of tenants. 1D The ld. CIT(A) erred in holding that the AR of the appellant had agreed to the correct valuation of the property as on the date of sale to be Rs.50,77,108/- which is not factually correct. 2. The ld. CIT(A) erred in dismissing the claim of the appellant that the cost of acquisition to be adopted for working out the Long Term Capital Gains should be the fair market value of the property as on 01.04.1981 as provided in Section 55(2)(b)(i) of the I.T.Act, 1961 and not the actual cost of the said property acquire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the AO, who went on to compute the long term capital gain by adopting the stamp duty of the sale consideration and computed the share of the assessee at Rs.12,53,161/-. The assessee carried the matter before the CIT(A). The assessee reiterated its claim that the fair market value of the property was much less than the value adopted by the stamp duty valuation authority. It was strongly contended before the CIT(A) that the AO ought to have referred the case for independent valuation by the valuation officer of the department. It was further claimed that the AO has not considered the value of the said property as on 01.04.1981 as the said property was purchased by the original owner on 08.11.1963. The submissions of the assessee did not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation authority under sub section (1) of section 50C exceeds fair market value of the property on the date of transfer, the AO has to apply his mind on the validity of the objection of the assessee. If the assessee has filed a report of the approved valuer, the AO may either accept the valuation of the property on the basis of this report or refer the question of valuation to the department valuation officer in accordance with section 55A of the Act. We, therefore, set aside the order of the CIT(A). The mater is restored to the files of the AO. The AO is directed to refer the matter to the DVO and then decide the issue afresh as per the provisions of law after giving reasonable opportunity of being heard to the assessee. Accordingly, g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has referred to the claim of deduction u/s. 80C at Rs.83,519/- relating to the payment of housing loan. However, in the assessment order while computing the assessed income, no deduction u/s. 80C in respect of tuition fees has been allowed by the AO. The AO is therefore directed to allow the claim of the assessee for deduction u/s. 80C of the Act in relation to the payment of housing loan amounting to Rs.83,519/- along with the claim of payment of tuition fees of Rs.45,000. The assessee is directed to submit necessary details in relation to this claim. Ground no.3 is allowed for statistical purpose. 8. In the result, appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the open court on this 16th day o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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