https://www.taxtmi.com/caselaws?id=241589 Section 55A of the Income-tax Act was held not to require an Assessing Officer to seek a Valuation Officer's reference where contemporaneous documentary material already fixed the relevant market rate and the assessee did not seriously dispute it. The assessee's registered valuer's estimate was therefore not enough to trigger the statutory power, because independent valuation is needed only when the officer has reason to doubt the value or needs assistance on the facts. The refusal to make a reference was upheld, and the issue was decided against the assessee and in favour of the Revenue. en-us Tue, 24 Jul 2012 00:00:00 +0530 Fri, 27 Dec 2013 13:05:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241589 Section 55A of the Income-tax Act was held not to require an Assessing Officer to seek a Valuation Officer's reference where contemporaneous documentary material already fixed the relevant market rate and the assessee did not seriously dispute it. The assessee's registered valuer's estimate was therefore not enough to trigger the statutory power, because independent valuation is needed only when the officer has reason to doubt the value or needs assistance on the facts. The refusal to make a reference was upheld, and the issue was decided against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 24 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241589