LATE MANISHBHAI NAGINDAS GAJJAR,SURAT vs. THE INCOME TAX OFFICER, WARD-6(3), SURAT

ITA 1335/AHD/2016Status: DisposedITAT Surat18 December 2018AY 2011-1217 pages
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What did the Tribunal hold?

The Tribunal held that the reference to the VO was valid. However, it allowed the deduction under Section 54B for investment made prior to the sale of the old asset, following various High Court and Tribunal decisions.

What were the facts?

The assessee claimed index cost of acquisition for a land sale based on a registered valuer's report. The Assessing Officer (AO) referred the matter to the Valuation Officer (VO) who determined a lower fair market value. The Commissioner (Appeals) partially allowed the appeal by estimating a value between the assessee's and VO's figures.

What were the issues?

Whether the AO's reference to the Valuation Officer for determining the fair market value of an asset was valid, and whether deduction under Section 54B is allowable for investment made prior to the sale of the old asset.

Which sections of the Income-tax Act were involved?

Section 55A,Section 54B,Section 143(3),Section 234A,Section 234B,Section 234C,Section 234D,Section 271(1)(c)

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Cases cited in this judgment(7)Show list

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Heard together (2 matters)

I.T.A No.1335/Ahd/2016
I.T.A No.1336/Ahd/2016

Read from the judgment's own cause title. This page is filed under one of them.

L/h Late Manishbhai Gajjar Smt.Ilaben Manishbhai v. ITO-WD-6(3) Surat /I.T.A. No.1335 & 1336/Ahd/2016/A.Y:11-12 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT "ी सी.एम.गग", "याियक सद"य तथा "ी ओ.पी.मीना, लेखा सद"य के सम" BEFORE SHRI C.M.GARG, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A No.1335/Ahd/2016 िनधा"रण वष"/A.Y.:2011-12 Late Manishbhai Nagindas Gajjar Vs. Income Tax Officer, through L/H Illaben Manishbhai Ward- 6(3) Surat Gajjar, 316KH Luhar Mohhallo , Palgam, Chaurasi Surat 359009 PAN: AOVPG 1860K अपीलाथ" Appellant ""यथ"/Respondent

आ.अ.सं./I.T.A No.1336/Ahd/2016 िनधा"रण वष"/A.Y.:2011-12 316KH- Luhar Mohhallo , Ward- 6(3) Surat Palgam, Chaurasi Surat 359009 PAN: ALYPG 3055E अपीलाथ" Appellant ""यथ"/Respondent

Shri Saurabh Soparkar, SAr. िनधा"रती क" ओर से /Assessee by Advocate and Shri Nishit Shah CA राज"व क" ओर से /Revenue by Shri Vinod Kumar, Sr. D.R. 26.10.2018 सुनवाई क" तारीख/ Date of hearing: 18.12.2018 उ"ोषणा क" तारीख/Pronouncement on:

L/h Late Manishbhai Gajjar Smt.Ilaben Manishbhai v. ITO-WD-6(3) Surat /I.T.A. No.1335 & 1336/Ahd

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