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TMI Blog2016 (8) TMI 1528X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer was of the opinion that the value so claimed was less than its fair market value as on 1.4.1981. It would not be the case of the Assessing Officer 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. Thus we confirm the relief granted by the learned CIT(A) and decline to interfere in the matter. - Decided against revenue. - I.T.A. No. 2945/Ahd/2013 - - - Dated:- 30-8-2016 - Pramod Kumar AM And S S Godara JM For the appellant : Prasoon Kabra. For the respondent : Jigar M. Patel. ORDER Per Pramod Kumar, AM: 1. By way of this appeal, the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered Valuer s report, he referred the matter to the DVO in view of provisions of section 55A(b)(ii) of the Income Tax Act, 1961 . Based on the DVO s report so obtained, the Assessing Officer recomputed the capital gains and adopted ₹ 39,99,130/- as fair market value of land as on 01.04.1981, as against ₹ 73,47,200/- adopted by the assessee. Aggrieved, assessee carried the matter in appeal before the leaned CIT(A) who reversed the action of the Assessing Officer by observing inter alia, that, I am inclined with the submission of appellant that amendment made by the Finance bill 2012 with prospective effect from 1st July 2012 where in clause (a) of section 55A, for the word is less than its fair market value is replaced wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tood 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 1.7.2012. We are, however, concerned with the period prior thereto. Clause (b) of section 55A is in two parts and permits a reference to DVO if the Assessing Officer is of the opinion that (i) the fair market value of the asset exceeds the value of the asset so claimed by the assessee by more than such percentage of the value of the asset so claimed or by more than such amount as may be prescribed in this behalf; or (ii) that having regard to the nature of the asset a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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