https://www.taxtmi.com/caselaws?id=63908 The Tribunal held that Sections 144A and 144B of the Income-tax Act, 1961 operate in different fields and are not mutually exclusive. The assessment was deemed not time-barred, and the reference under Section 144B was valid as the income variation exceeded Rs. 1 lakh. The reference to the Valuation Officer under Section 55A(b) was found to be valid as the ITO's letter expressed the requisite opinion. The fair market value of the property as of 1-1-1954 was determined to be Rs. 1,78,983, and the ITO was directed to compute the capital gain based on this value, partially allowing the appeal. en-us Tue, 30 Sep 1986 00:00:00 +0530 Wed, 02 Feb 2011 16:32:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63908 The Tribunal held that Sections 144A and 144B of the Income-tax Act, 1961 operate in different fields and are not mutually exclusive. The assessment was deemed not time-barred, and the reference under Section 144B was valid as the income variation exceeded Rs. 1 lakh. The reference to the Valuation Officer under Section 55A(b) was found to be valid as the ITO's letter expressed the requisite opinion. The fair market value of the property as of 1-1-1954 was determined to be Rs. 1,78,983, and the ITO was directed to compute the capital gain based on this value, partially allowing the appeal. Case-Laws Income Tax Tue, 30 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63908