{"id":28743,"date":"2022-07-25T17:15:14","date_gmt":"2022-07-25T11:45:14","guid":{"rendered":"https:\/\/itatonline.org\/digest\/peninsula-land-ltd-v-dcit-2022-193-itd-366-mum-trib-3\/"},"modified":"2022-07-25T17:15:14","modified_gmt":"2022-07-25T11:45:14","slug":"peninsula-land-ltd-v-dcit-2022-193-itd-366-mum-trib-3","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/peninsula-land-ltd-v-dcit-2022-193-itd-366-mum-trib-3\/","title":{"rendered":"Peninsula Land Ltd. v. DCIT (2022) 193 ITD 366 (Mum.)(Trib.)"},"content":{"rendered":"<p>Assessee converted land into stock-in-trade and part of it was sold.\u00a0 Assessee computed long-term capital gains on said sale. Assessing Officer on doubting assessee&#8217;s valuation made a reference to DVO to value land as on 1-4-1981 as well as on date of conversion and enhanced amount of long-term capital gain. On appeal the Tribunal held that FMV as on 1-4-1981 and as on date of conversion of land was duly supported by valuation report of registered valuers. Since prior to 1-7-2012, no reference to DVO could be made under section 55A where Assessing Officer was of view that FMV as on 1-4-1981 was less than value declared by assessee, substitution of FMV by Assessing Officer could not be held in accordance with law.\u00a0 (AY. 2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 55A : Capital gains-Reference to valuation officer-Prior to 1-7-2012, no reference to DVO could be made under section 55A where AO was of view that FMV of property as on 1-4-1981 was less than value declared by assessee. [S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28743","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7tB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28743"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28743\/revisions"}],"predecessor-version":[{"id":28744,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28743\/revisions\/28744"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}