Section 55A- Full value of consideration cannot be construed as fair market value

IN THE ITAT AHMEDABAD BENCH ‘C’ Assistant Commissioner of Income-tax v. Prakash Ratanlal Sheth IT APPEAL NO. 951 (AHD.) OF 2012 [ASSESSMENT YEAR 2008-09] JULY 31, 2012 ORDER T.R. Meena, Accountant Member – This is an appeal at the behest of the Revenue which has emanated from the order of CIT(A)-V, Baroda, order dated 15.02.2012 for assessment year 2008-09. The effective grounds of Revenue appeal are as under:- “(i)  The learned CIT(A) erred in law in not considering the applicability of the provisions of section 55A of the IT Act, which empowers the ...