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TMI Blog2022 (6) TMI 1243X X X X Extracts X X X X X X X X Extracts X X X X ..... AM For the Assessee : Shri Surji D Chheda, C.A For the Respondent : Shri Deependra Kumar Sr.-DR ORDER PER DR. A. L. SAINI, ACCOUNTANT MEMBER: Captioned appeal filed by the assessee, pertaining to assessment year 2012- 13, is directed against the order passed by the Learned Commissioner of Income Tax(Appeals) Valsad [ CIT(A) for short], dated 14.08.2018, which in turn arises out of an order passed by the Assessing Officer under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short the Act ), dated 31.03.2016. 2. The grounds of appeal raised by the assessee are as follows:- A. NOTICE u/s 148: BAD ILLEGAL 1. The ld. CIT(A) has erred in law in facts in confirming actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ves the right to amend, add or alter the ground at the time of regular hearing. 3. Further, assessee has filed following additional grounds of appeal, which is reproduced below: 1. The learned AO has erred in law and in facts to refer the matter to the DVO u/s 55A and failed to appreciate the fact that reference is illegal invalid as reference can be made only when the AO is of the opinion that the value of capital asset claimed by the assessee is less than its fair market value not when he was of the opinion that the fair market value as on 1/4/81 was more than fair market value and the amended provision being applicable from1.7.12 is not applicable for AY 2012-13. 2. The learned AO has erred in law in facts to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its that value determined by the Registered Valuer of assessee is not less than its fair market value. That is, Ld. Counsel for the assessee submits that assessee sold the asset on 15.07.2011 which is prior to 01.07.2012 and District Valuation Officer has determined the cost of acquisition @ 34.58 per square meter. However, assessee s registered value had determined the cost of acquisition at Rs.80 per sq.meter, which is more than the value determined by the District Valuation Officer. Therefore, Ld. Counsel contended that it is purely a legal issue, therefore, additional grounds raised by the assessee may be admitted. 5. On the other hand, ld DR objected the prayer of the assessee for admission of additional ground. We have heard both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et us go through the provisions of section 55A of the Income tax Act 1961, which reads as follows: Section 55A:Reference to Valuation Officer. 55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer- (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] officer is of opinion that the value so claimed [is at variance with its fair market value]; (b) in any other case, if the [Assessing] Officer is of opinion- (i) that the fair market value of the asset exceeds the value o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered valuer, if the [Assessing] Officer is of opinion that the value so claimed [is less than its fair market value]; We note that amended provisions of section 55A(a) is applicable from 01.07.2012, that is, (previous year 01.07.2012 to 31.03.2013) for assessment year 2013-14 onwards. Whereas the assessee sold the property on 21.07.2011, therefore amended provisions of section 55A(a) does not apply to the assessee under consideration. In assessee`s case the assessment year is A.Y. 2012-13 whereas amended provisions of section 55A(a) of the Act are applicable from A.Y. 2013-14. Hence, pre-amended section 55A(a) is applicable to the assessee wherein the terminology used is is less than its fair market value . We note that assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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