If the assessing officer is of the view that value of the asset as on 01.04.1981 adopted by the assessee is more than the fair market value; can reference be made to the valuation officer under section 55Aof the Income Tax Act 1961?

If the assessing officer is of the view that value of the asset as on 01.04.1981 adopted by the assessee is more than the fair market value; can reference be made to the valuation officer under section 55Aof the Income Tax Act 1961? https://www.taxtmi.com/article/detailed?id=816 A referral to the valuation officer is permitted only in prescribed cases: where the assessee's claim is based on a registered valuer's estimate and is thought by the assessing officer to be understated, or where the assessing officer believes fair market value exceeds the claimed value by a prescribed margin. Therefore, referral is not available when the assessing officer considers the assessee's adopted cut off date value to be higher than fair market value. The assessing officer nonetheless may use general assessment procedures, gather evidence and afford the assessee an opportunity to rebut before determining fair market value. en-us Mon, 07 Jun 2010 11:15:21 +0530 Mon, 07 Jun 2010 11:15:45 +0530 TaxTMI RSS Generator If the assessing officer is of the view that value of the asset as on 01.04.1981 adopted by the assessee is more than the fair market value; can reference be made to the valuation officer under section 55Aof the Income Tax Act 1961? https://www.taxtmi.com/article/detailed?id=816 A referral to the valuation officer is permitted only in prescribed cases: where the assessee's claim is based on a registered valuer's estimate and is thought by the assessing officer to be understated, or where the assessing officer believes fair market value exceeds the claimed value by a prescribed margin. Therefore, referral is not available when the assessing officer considers the assessee's adopted cut off date value to be higher than fair market value. The assessing officer nonetheless may use general assessment procedures, gather evidence and afford the assessee an opportunity to rebut before determining fair market value. Articles Income Tax Mon, 07 Jun 2010 11:15:21 +0530 https://www.taxtmi.com/article/detailed?id=816