TaxTMI 
TaxTMI 
2018 (6) TMI 407
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....ay of a common order for the sake of convenience. 2. First common issue raised in both the appeals relates to confirmation of addition in respect of long term capital gain of Rs. 13,97,290/- in the case of each assessee for the assessment year 2011-12. For adjudication of common issue, we take facts as noticed from the case of Smt.Manjulaben Parshottamdas Patel in ITA No.782/Ahd/2015. 3. Brief facts are that assessee is an individual. She earns income from capital gain and from other sources. Assessee filed her return of income for the assessment year 2011-12 on 29.6.2011 declaring total income at Rs. 1,81,514/-. This return was processed under section 143(1). Thereafter, the case of the assessee was selected for scrutiny assessment by is....
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....antaben Patel, Babubhai Ramanlal Patel and Ilaben K. Patel for the assessment year 2011-12 similar issue went upto the Tribunal, and in the Tribunal in ITA No.781/Ahd/2011 and others dated 2.4.2018 considered the issue in detail and following the judgment of jurisdictional High Court in the case of Gaurangiben S. Shodhan deleted additions made under the head "Long Term Capital Gain". Therefore, this issue being similarly situated be allowed in favour of the assessee. The ld.counsel has filed copy of the Tribunal order dated 2.4.2018 on record. 5. On the other hand, the ld.DR relied upon the orders of the ld.Revenue authorities. He further contended that in view of the amendment to section 55A(a) in 2012 by which the expression "is less tha....
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....inding of the Tribunal, which reads as under: "7. We have duly considered the rival contentions and gone through record carefully. The dispute before me is, whether Assessing Officer make a reference to the DVO for determining the fair market value of the assets as on 1.4.1981. According to the Ld. Counsel for the assessee a reference under sub-clause A of section 55A could be made, if value shown by the assessee as on 01.04.1981 is less than the fair market value. In other words assessee has shown the value at Rs. 67,98,400/- which is higher than the market value otherwise determined/ the DVO after the reference. He adopted value at Rs. 36,44,000/- Hon'ble Gujarat High Court has considered this aspect in the case of Gauranginiben S. ....
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....of the asset so claimed or by more than such amount as may be prescribed in this behalf; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do. Sub-clause (i) of clause (b) also for the same reasons recorded above, would have no bearing on the fair market value as on 1.4.1981. The Assessing Officer had not resorted to sub clause(ii). of clause (b). In any case, clause (b) would apply where clause (a)does not apply since it starts with the expression "in any other case". In other words if assessee has relied upon a Registered Valuer's Report, Assessing Officer can proceed only under clause (a) and clause (b) would not be applicable. 16. In the present case, admittedly the asse....
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.... the above, if facts of the present appeals are examined then it would reveal value shown by the appellants of the property a on 1.4.1981 is considered then it was not less than fair market value and reference cannot be made. As far as the amendment carried out in section 55A is concerned, it is with effect from it is with effect from 01.07.2012 i.e. by finance 2012 the transaction taken place in F.Y. 2010-11 relevant to assessment year 2011-12 and the amended provision would not be applicable on this transaction. 9. Respectfully following the decision of Hon'ble Gujarat High Court, I allow these grounds of appeal in the case of all the three appellants delete the additions made under the head long term capital gain. 7. So far as r....