2025 (9) TMI 1653

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....nue : Ms. Monica Pande, Sr.DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dt.25-09-2024 passed by the Ld. Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi ['Ld.CIT(A)'] and it relates to AY.2012-13. The issue contested in this appeal of the assessee is related to determination of Fair Market Value (FMV) of the p....

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.... 01-04-1981 as cost of acquisition for the purpose of computing capital gain. The assessee ascertained the value of the property as on 1.4.1981 on the basis of a Registered Valuer's report named M/s.Kanade & Associates, who valued the entire property at Rs. 65,99,550/- as on 1.4.1981. Hence the value of 1/4th share amounting to Rs. 16,50,000/- was adopted by the assessee as the cost of acquisition....

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....valuer. The Ld.CIT(A) re-computed the taxable capital gain by adopting the FMV as on 01-04-1981 as determined by the DVO. Aggrieved, the assessee has filed this appeal. 5. The Ld.AR submitted that neither the AO nor the Ld.CIT(A) considered the valuation report furnished by the assessee to support the value of the FMV as on 01-04-1981 adopted by the assessee. He contended that the AO did not re....

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....d to the provisions of section 55A of the Act, the Ld.DR submitted that the said provision will not apply for determining the value as on 01-04-1981, since the assessee is claiming deduction of the value while computing capital gain. 7. We heard the parties and perused the record. We notice that the DVO's report was not confronted both with the AO and also with the assessee. The admitted fact i....