9911796707
TMI Blog2022 (8) TMI 1292X X X X Extracts X X X X X X X X Extracts X X X X ..... that section 55(A); as in assessment year 2012-13 before us contained, only the statutory expression is less than its fair market value before its subtutions by Finance Act 2012 w.e.f. 01.07.2012 as is at variance with its fair market value in an instance involving the registered valuer s report. Hon‟ble jurisdictional high court decision in CIT V/s Pooja Prints [ 2014 (1) TMI 764 - BO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 61; in short the Act . Heard both the parties. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal. 1. The learned CIT(A) erred in making the addition of Rs. 1,70,11,837/- on account of long term capital gains on sale of immoveable property by adopting the fair market value of the impugned property as on 01.04.1981 on the basis of the DVO s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the A.O and hence, the reference made to the DVO u/s 55A for A.Y.2012 - 13 was bad in law and therefore, the valuation as on 1.4.1981 as claimed by the appellant should have been adopted for the purposes of computing long term capital gains. 4. Without prejudice to ground no.3, the assessee submits that even on merits, the fair market valuation of the property determined by the DVO was on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s null and void in law. 6. Without prejudice to the above grounds, the assessee submits that the interest liability u/s 234B computed by the A.O. at Rs.28,95,948/- is incorrect in law and the A.O. may be directed to compute the interest u/s 234B on the amount of returned income and not on the amount of assessed income. 7. The appellant craves, leave to add, alter, amend and delete any of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 (Bom) holds forgoing amendment to be having prospective effect only. That being the case, we conclude that learned lower authorities have erred in law and on facts in making the impugned long term capital gain addition of Rs.1,70,11,837/- after reference to the DVO u/s. 55A(a) of the Act. The assessee s corresponding grounds in the instant appeal are accepted. 4. Delay of 09 days in filing of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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