https://www.taxtmi.com/caselaws?id=235061 Section 55A permits a reference to a Departmental Valuation Officer only when the Assessing Officer forms the statutory opinion that the value claimed by the assessee is less than fair market value. Where the assessee supports the fair market value of the asset with a registered valuer's report, and the Assessing Officer refers the matter on the footing that the declared value is higher than fair market value, the statutory condition is not met. The reference is therefore outside the scope of section 55A, and the valuation based on that reference cannot be sustained. en-us Tue, 30 Apr 2013 00:00:00 +0530 Wed, 10 Jul 2013 06:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235061 Section 55A permits a reference to a Departmental Valuation Officer only when the Assessing Officer forms the statutory opinion that the value claimed by the assessee is less than fair market value. Where the assessee supports the fair market value of the asset with a registered valuer's report, and the Assessing Officer refers the matter on the footing that the declared value is higher than fair market value, the statutory condition is not met. The reference is therefore outside the scope of section 55A, and the valuation based on that reference cannot be sustained. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235061