2022 (8) TMI 1292

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....irected against the CIT(A)-1, Nashik's order dated 22/09/2020 passed in case No. Nsk/CIT(A)-1/192/2015-16 involving proceeding u/s. 143(3) of the Income Tax Act, 1961; 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 o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lue of the property adopted by the appellant was based on the valuation report of the Govt. Approved Valuer and the same was more than the value adopted 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. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... mandated under the provisions of section 251(2) of the Act and hence, the said enhancement of Rs.25,19,881/- made by the CIT(A) may be declared as 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ance involving the registered valuer's report. Hon‟ble jurisdictional high court decision in CIT V/s Pooja Prints (2014) 360 ITR 697 (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....