2025 (5) TMI 872

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....section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of Learned Commissioner of Income Tax (Ld. CIT(A)) dated 05.12.2024 for A.Y. 2012-13. The assessee has raised the following grounds of appeal: "I) Misconstruing facts: (1) The learned CIT(A) appears to have totally and grossly erred in misconstruin....

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....he assessee along with his two brothers namely Manharlal Chaganlal Shah and Ranjit Chaganlal Shah sold their ancestor property on 26.04.2011 for a sold consideration of Rs. 81.00 lacs. The share of assessee being 1/3rd is of Rs. 27.00 Lacs. Such property was acquired on 24.12.1928 Since, the property was acquired prior to 01.04.1981, the assessee obtained valuation of property on 01.04.1981 from G....

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.... " is less than" its fair market value was substituted "is at variance". To support his submission the ld. AR of the assessee relied upon the decision of Jurisdictional High court in Pooja Print 360 ITR 697 (Bom) and Gujarat High Court in Gaurangiben Sodhan 108 DTR 442(Gujarat) and Ranjit Chaganlal Shah (Co -owner) in ITA no. 480/Srt/2018 dated 15.07.2020. 3. On the other hand, ld. DR for the r....

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....n (supra) and Hon'ble Bombay High Court in CIT Vs Pooja Prints (supra) held that when the transaction of the land taken place during the financial year 2011-12 relevant the assessment year 2012-13, the amended provisions of section 55A(a) would not be applicable and one shall be guided by the erstwhile provisions of section 55A(a) of the Act. It was also held that in order to refer the matter to t....