https://www.taxtmi.com/caselaws?id=327731 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decision that the AO lacked jurisdiction to refer valuation to the DVO under Section 55A of the IT Act. The valuation claimed by the assessee as of 01-04-1981 was accepted for capital gains computation, as the AO's reference to the DVO was deemed invalid. The order highlighted the prospective nature of the amendment to Section 55A, emphasizing that the AO could not make such a reference when the claimed value exceeded the fair market value. en-us Fri, 15 Apr 2016 00:00:00 +0530 Wed, 18 May 2016 08:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327731 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decision that the AO lacked jurisdiction to refer valuation to the DVO under Section 55A of the IT Act. The valuation claimed by the assessee as of 01-04-1981 was accepted for capital gains computation, as the AO's reference to the DVO was deemed invalid. The order highlighted the prospective nature of the amendment to Section 55A, emphasizing that the AO could not make such a reference when the claimed value exceeded the fair market value. Case-Laws Income Tax Fri, 15 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327731