INCOME TAX OFFICER Vs. RABINDER H CHHABRA (HUF)

JUDGEMENT

(1.) THIS appeal is preferred by the Revenue against the order of ld. CIT(A) - 36, Mumbai dated 21.6.2012 and the same is being disposed of along with cross -objection No.235/Mum/2013.

(2.) THE solitary issue raised in the appeal of the Revenue is whether the ld. CIT(A) was justified in deleting the addition made by the AO on account of Long Term Capital Gain (LTCG) by adopting lower cost of acquisition as on 1.4.1981 on the basis of DVO's report, holding that the reference made by the AO to the DVO u/s 55A of the Income Tax Act, 18961 (the Act) itself was bad in law.

(3.) THE assessee in the present case is a HUF who filed its return of income for the year under consideration on 31.3.2009 declaring total income of Rs.1,000,720. In the said return, the Long Tern Capital Loss of Rs.7,97,583/ - was shown by the assessee arising from the sale of its 20% share in the property known as M/s Alfa Engineering Works situated at 221, Station Road, Bhandup (W), Mumbai - 400078. The working of the said long term capital loss was given by the assessee as under :