ITAT Deletes Capital Gains Addition as Section 55A Amendment Applied Only From AY 2013-14

Chirag Bharatbhai Amin Vs ITO (ITAT Ahmedabad) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, against the order of the Commissioner of Income Tax (Appeals), Gandhinagar, for Assessment Year 2012-13. The dispute primarily concerned the valuation of a property sold during the year, the validity of the reference made to the Departmental Valuation Officer (DVO) under Section 55A of the Income-tax Act, and the consequent computation of capital gains. The assessee contended that the Assessing Officer’s reference to the DVO for determining the fair market v...