Capital Gains Reassessment Invalid Due to Improper Section 55A DVO Reference

Jayendrabhai Kantilal Patel Vs ITO (ITAT Ahmedabad) Ahmedabad ITAT Quashes Addition Triggered by Invalid 55A Reference – Fresh Evidence from Co-owner’s Case & Binding Gujarat HC Law Establish AO’s Referral as Illegal Ahmedabad tribunal allowed the Assessee’s appeal by holding that the AO lacked jurisdiction to make a reference to the DVO u/s 55A for determining FMV as on 01.04.1981, since the Assessee had already adopted the cost on the basis of a Registered Valuer’s report & the pre-2012 law permitted reference only when the value claimed was less than FMV, not when it was m...