Capital Gains Relief Granted as Section 55A Amendment Was Prospective: ITAT Surat

Smt. Kaushikaben Nimeshbhai Patel Vs ITO (ITAT Surat) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT), Surat, challenging the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13. The primary dispute concerned the validity of a reference made under Section 55A of the Income-tax Act for determining the fair market value (FMV) of land as on 01.04.1981 and the consequent computation of long-term capital gains (LTCG). The assessee had sold agricultural land during the relevant period and adopted the FMV as on 01.04.1981 at ₹750 per square met...