TaxTMI 
TaxTMI 
2026 (6) TMI 41
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....ve accepted the FMV of the appellant as on 01.04.1981 for determining cost of acquisition as DVO report was redundant for reducing the FMV for the purpose of section 55A of the assessments prior to AY 2013-14. (2) With sales consideration within 10% tolerance range of the FMV, sales consideration ought to have been accepted since third proviso to section 50C(1) is retrospective in nature. (3) On the facts and circumstances of the case and as per law, the CIT(A) was not justified in determining the LTCG. (4) The above grounds are without prejudicial to one another. (5) The appellant craves leave to add, alter or vary any of the grounds of appeal." 3. As per AIR information, it was found that the assesse....
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.... to Rs. 48,600/503 = 96.62/square meter, approximate Rs. 97 per square meter. On verification of the valuation report received by the office of Sub-registrar, it has come to notice that the value of stamp duty comes to Rs. 41,73,469/- as on sale date. The assessee had computed net LTCG taking value of the sold property at Rs. 35,00,000/-. During the assessment, the assessee requested for valuation of property to the DVO as on date of sale vide his letter dated 06.06.2008 for determination of FMV as per provisions of section 50C(2) of the Act. Reference was made to DVO for determination of FMV value on 10.11.2016. Since, the valuation report was not received by the AO and the assessment proceedings were getting barred by limitation, the AO o....
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....upon the following decisions: (i) Kiritbai Jayantilal Kundalia (HUF), 73 taxmann.com 122 (Guj.), (ii) Late Shantaben P. Patel, L/H Govindbhai P. Patel, R/Tax Appeal No. 1204 of 2018 (Guj - HC), (iii) Puja Prints, 43 taxmann.com 247 (Bom - HC), (iv) Daulal Mohta (HUF), 360 ITR 680 (Bom - HC), (v) Shri Mahavevbhai Mohanbhai Naik, ITA No.820/Ahd/2016 (Surat - Trib.), (vi) Balubhai Mustufabhai Mahida, 149 taxmann.com 378 (Surat - Trib.), (vii) Shree Jayantibhai Chimanbhai Patel, ITA Nos. 138 & 139/SRT/2017, (viii) Kukeshbhai Ramubhai Ahir, ITA No. 1652/Ahd/2017 (Surat - Trib.), (ix) Kirankumar Ramanlal Naik, ITA No.18/Srt/2023 (Surat - Trib.), (x) Virendra Natwarla....
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....e assessee must be accepted. In alternative, the average of sales estimate between registered valuer and DVO may be taken at Rs. 35,42,750 = (Rs.31,27,500 + Rs. 39,58,000)/2. The Ld. AR also has given the working of resultant capital gain under two alternatives. The Ld. AR further submitted that cost as per the register valuer's report prior to AY 2014-15 has to be accepted as amendment to section 55A is prospective in nature. 7. The Ld. DR for the revenue submitted that the AO has rightly made addition as the difference is more than 13.08% in respect of cost estimated of the land as per the assessee as well as DVO. The Ld. DR further submitted that the CIT(A) has categorically directed the AO to verify the DVO's report and based on it r....