2022 (8) TMI 1292

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....his assessee's appeal for A.Y. 2012-13 is directed 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....

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.... 3. The learned CIT(A) failed to appreciate that the fair market value 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 be....

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....adopted by the A.O. at Rs.23,29,504/- without issuing any notice of enhancement as 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/-....

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....ns by Finance Act 2012 w.e.f. 01.07.2012 as "is at variance with its fair market value" in an instance 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....