Assessee Gets Relief as Section 55A Amendment Was Prospective, Not Retrospective

Mukeshbhai Ramubhai Ahir Vs ITO (ITAT Surat) The appeal before the Income Tax Appellate Tribunal (ITAT), Surat, arose from an order of the Commissioner of Income Tax (Appeals)-2, Surat, for Assessment Year 2012-13. The assessee challenged the adoption of the fair market value (FMV) of land as on 01.04.1981 based on the Departmental Valuation Officer’s (DVO) report instead of the valuation provided by a Government-approved valuer. The assessee also challenged the non-admission of additional valuation evidence by the CIT(A). At the outset, the assessee did not press the ground relating to the ...