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TMI Blog2019 (7) TMI 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... @ 250 per sq. meter for the land situated at Village Karadva and @ 200 for the land situated at Sania Kande Surat by adopting rim Reverse Index Method and by adopting against the same the fair market value @ 30 per sq. meter for both lands. 3. Succinct facts are that the assessee has shown long-term capital loss at Rs. 5,54,842 in respect of his share in sale of land at village Karadva, Surat by adopting fair market value as on 01.04.1981 @ 250 per sq. meter and in respect of land sold and situated at village Saniya Kande, Surat by adopting fair market value @ 200 per sq. meter as per Government Registered Valuer. However, the AO has obtained a valuation report dated 20.03.2015 under section 55A from DVO who valued the land by adopting fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grieved, the assessee filed an appeal before the ld. CIT (A). Before CIT (A), it was contended that reference under section 55A could not be made for that year under consideration, as amended provisions are effective from 01.07.2012. However, the CIT (A) observed that reference under section 55A could be very well made where the AO considered that it is at variance. As regards valuation made both Government Registered Valuer and DVO, the CIT (A) observed that both Valuer have some infirmities and neither of the valuation is exact or perfect in all respect, so cannot be taken on its face value and applied as it is for determination of FMV as on 01.04.1981. Therefore, after observing that ITAT in the case of Vijay Kumar M Shah v. DCIT [I.T.A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 55A (b) of the Act. It was further submitted that value adopted by the DVO on Reverse Index Method is not justified when the valuation done by the Government Registered Valuer has been filed before the AO. 6. Per contra, the ld. Sr. D.R. relied on the order of Ld. CIT (A). 7. We have heard the rival submissions and perused the relevant material on record. we observe that the Hon`ble High Court in Gaurangiben S. Shodhan Indl [2014] 367 ITR 238 (Gujarat) / [2014] 45 taxmann.com 356 (Gujarat) has specifically held that amendment in section 55A with effect from 01.07.2012 in a case, the value of assets claimed by the assessee is in accordance with the estimate made by the Registered Valuer, if the AO was of the opinion that the value so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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