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Issues: Whether the Assessing Officer could make a reference to the Departmental Valuation Officer under section 55A of the Income-tax Act, 1961, where the assessee had adopted the fair market value of the asset on 1 April 1981 on the basis of a registered valuer's report and the Assessing Officer did not form an opinion that the value so claimed was less than the fair market value.
Analysis: Section 55A permits a reference to a Valuation Officer only when the statutory conditions for such reference are satisfied. On the facts, the assessee had supported the valuation with an approved valuer's report. The Assessing Officer referred the matter because he considered the declared value to be higher than the fair market value, which did not satisfy the condition that the value claimed by the assessee was less than the fair market value. The reference was therefore outside the scope of the provision, and the valuation based on such reference could not be sustained.
Conclusion: The reference to the Departmental Valuation Officer was invalid and the assessee's valuation was required to be accepted.
Ratio Decidendi: A reference under section 55A of the Income-tax Act, 1961, is permissible only when the Assessing Officer forms the requisite statutory opinion on the valuation claim made by the assessee; absent satisfaction of that condition, the reference is not valid.
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