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TMI Blog2024 (3) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2012-13 is found to be acceptable. Therefore, argument advanced by the ld. senior counsel on the merit of the matter and the order passed by the Kolkata Bench, we do not hesitate to hold that the reference made by the ld. A.R. in the instant case u/s. 55A of the Act is not found to be sustainable in view of the amendment in section 55A(a) w.e.f. 01-07-2022 applicable from Assessment Year 2013-14 and not to the instant case for Assessment Year 2012-13. Thus we delete the addition made by the authorities below. - Shri Waseem Ahmed, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Assessee : Shri S.N. Divatia, A.R. And Shri Samir Vora, A.R. For the Revenue : Shri C. Dharninath V.S, Sr. D.R. ORDER PER : MADHUMITA ROY, JUDICI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 9L is a meager amount and should not be denied. Thus the disallowance sustained by the Ld. CIT (A) suffers from legal infirmity. The same may kindly be deleted. 4. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of appeal. 3. The case made out by the assessee is this that the valuation of the property sold by the assessee during the year under consideration referred to the DVO by the Assessing Officer for determination of the valuation of the property as on 01-04-1981 was not in terms of the provision of section 55A of the Act. As such reference though made due to the amendment in section 55A(a) w.e.f. 01-07-2012 allowing reference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eous in so far as prejudicial to the interest of revenue. Ld. AR further stated that the AO has not pointed out any defect in the valuation report filed by the assessee. Therefore, the valuation report of DVO canned be accepted. The AO referred the matter to DVO vide letter dated 25.03.2015 whereas the assessment order passed by AO on the same date 16. 25.03.2015. Ld. AR also submitted that the amendment u/s 66A of the Act for referring the matter to the DVO was not applicable to the year under consideration. On the other hand Ld. DR submitted that the AO was not agreed to the valuation report filed by the assessee therefore the same was referred to DVO. The report obtained from DVO is part of assessment records. Therefore the reference mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value. However in the case before us there is no ambiguity that the fair market value as declared by assessee is not less than the value determined by the DVO. Thus, the valuation determined by the DVO cannot be accepted as it is against the provision of Section 55A of the Act as applicable prior to the amendment. However, there was amendment u/s 55A of the Act with effect from 01.07.2012 which reads as under:- 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove proposition of law, it is clear that the amendments which are being applicable from any date other than first April of assessment year would be applied from the next Assessment Year. For example, in the instant case, the amendment was brought with effect from 01.07.2012. Thus, the amendment would be applicable from the Assessment Year beginning from first April, 2013 i.e. Assessment Year 2013-14. Thus, it is clear that the amendment brought under the statutory provisions of Section 55A of the Act is not applicable in the year under consideration. As the value adopted by assessee is more than the fair market value then no reference to Valuation Officer would have been made as per the provision of Section 55A(a) of the Act as it is admini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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