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TMI Blog2021 (1) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... . - I.T.A No. 275/AHD/2016, I.T.A No.2201/AHD/2016 - - - Dated:- 13-1-2021 - SHRI PAWAN SINGH, HON'BLE JUDICIAL MEMBER AND DR. SHRI ARJUN LAL SAINI, HON'BLE ACCOUNTANT MEMBER For the Assessee : Shri Bharat Jhaveri - Advocate For the Revenue : Smt. Anupama Singla - Sr.DR ORDER PER PAWAN SINGH, JUDICIAL MEMEBER: 1. These two appeals by two assessees are directed against the order of ld. Commissioner of Income Tax (Appeals)-1, Surat dated 04.12.2015 19.07.2016 for assessment year (AY) 2012-13. In both the appeals, the assessee s have raised certain common grounds of appeal. Facts are common in both the appeals being part of same group, thus, both the appeals were clubbed, heard and are decided by consoli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f. The ld. CIT(A) adopted the Fair Market Value(FMV) of cost of acquisition as on 01.01.1981 @ Rs.14.18 sq. mtr on the basis of report of District Valuation Officer(DVO) and accordingly granted partial relief. 4. Further aggrieved, the assessee as filed present appeal before this Tribunal by raising the following grounds of appeal. 1. The learned CIT(A) has erred both in law and on the facts of the case in rejecting the Valuation report prepared by the Government approved registered valuer computing the Fair market value of the land as on 01.04.1981 @Rs.2.50 per Sq. mtr by adopting Reverse Index Method. 2. The learned CIT(A) has erred in not appreciating that Reverse Index Method adopted by the Government approved registered value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 claimed was less than the fair market value as on 01.04.1981 then reference can be made. If the value adopted by the assessee on the basis of Registered Valuer was not less than fair market value rather it was on higher side. The AO wants to reduce the value i.e. cost of acquisition as on 01.04.1981. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dering the fact that in assessee s co-owner s case, the Tribunal has directed the Assessing Officer to adopt the Fair Market Value of land @100 per sq.mtr as on 01.04.1981, therefore, respectfully following the order of coordinate bench the Assessing Officer is directed to follow the order of the Tribunal dated 18.07.2019 passed in ITA No.1070/AHD/2017, accordingly, appeal of the assessee partly allowed. 9. In the result, appeal of the assessee is partly allowed ITA No.2201/Ahd/2016 for A.Y. 2012-13: 10. As noted above, the assessee has raised identical ground of appeal, facts in this appeal is also identical, therefore, respectfully following our decision in ITA No.275/Ahd/2016, this appeal also partly allowed with similar di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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