https://www.taxtmi.com/caselaws?id=179273 Section 55A, as applicable to the relevant assessment year, authorised a reference to the Valuation Officer only where the assessee's declared value was lower than the fair market value or within the statute's limited conditions. Because the assessee's value as on 01.04.1981 was not lower in the manner required, the Assessing Officer could not validly invoke that provision. The later amendment enlarging the scope of section 55A was held inapplicable retrospectively, and binding jurisdictional precedent supported that view. The valuation reference was therefore invalid, the resulting addition could not stand, and the Revenue's challenge failed. en-us Fri, 30 May 2014 00:00:00 +0530 Thu, 25 Feb 2016 10:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179273 Section 55A, as applicable to the relevant assessment year, authorised a reference to the Valuation Officer only where the assessee's declared value was lower than the fair market value or within the statute's limited conditions. Because the assessee's value as on 01.04.1981 was not lower in the manner required, the Assessing Officer could not validly invoke that provision. The later amendment enlarging the scope of section 55A was held inapplicable retrospectively, and binding jurisdictional precedent supported that view. The valuation reference was therefore invalid, the resulting addition could not stand, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 30 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179273