https://www.taxtmi.com/caselaws?id=242547 The court held that the reference to the Departmental Valuation Officer under Section 55A of the Income Tax Act for the Assessment Year 2006-07 should follow the law before the Finance Act 2012 amendment. It clarified that the reference is only valid if the declared value is less than the fair market value. The court rejected the revenue's argument for a higher valuation, upholding the respondent's valuation for capital gains based on fair market value. The issue of determining the date of acquisition for indexation purposes was remanded, with the court finding no substantial legal issues and dismissing the appeal. en-us Wed, 15 Jan 2014 00:00:00 +0530 Sat, 30 May 2026 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242547 The court held that the reference to the Departmental Valuation Officer under Section 55A of the Income Tax Act for the Assessment Year 2006-07 should follow the law before the Finance Act 2012 amendment. It clarified that the reference is only valid if the declared value is less than the fair market value. The court rejected the revenue's argument for a higher valuation, upholding the respondent's valuation for capital gains based on fair market value. The issue of determining the date of acquisition for indexation purposes was remanded, with the court finding no substantial legal issues and dismissing the appeal. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242547