https://www.taxtmi.com/caselaws?id=253800 The High Court of Gujarat dismissed the Revenue's appeal against an order of the Income Tax Appellate Tribunal, which had ruled in favor of the assessee regarding the valuation of a property under Section 55A of the Income Tax Act, 1961. The Court held that the Assessing Officer did not have sufficient grounds to refer the property for valuation to the departmental valuation officer, emphasizing the need for a rational opinion based on relevant material. The Court upheld the Tribunal's decision, concluding that the Assessing Officer's reference to the Valuation Officer was unjustified, and ruled in favor of the assessee against the revenue. en-us Fri, 14 Nov 2014 00:00:00 +0530 Thu, 04 Dec 2014 06:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253800 The High Court of Gujarat dismissed the Revenue's appeal against an order of the Income Tax Appellate Tribunal, which had ruled in favor of the assessee regarding the valuation of a property under Section 55A of the Income Tax Act, 1961. The Court held that the Assessing Officer did not have sufficient grounds to refer the property for valuation to the departmental valuation officer, emphasizing the need for a rational opinion based on relevant material. The Court upheld the Tribunal's decision, concluding that the Assessing Officer's reference to the Valuation Officer was unjustified, and ruled in favor of the assessee against the revenue. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253800