https://www.taxtmi.com/caselaws?id=328783 The Court upheld the Assessing Officer's decision to refer the valuation of a property to the Departmental Valuation Officer under Section 55A(b)(ii) of the Income Tax Act. It found that the Assessing Officer's broad power under this provision allows for such references when the fair market value estimated by the assessee is deemed improper. The Court dismissed the appellant's argument that the reference was illegal, emphasizing the need to prevent attempts to avoid paying capital gains tax by inflating property values. Consequently, the Court dismissed the appeal in favor of the revenue. en-us Thu, 09 Jun 2016 00:00:00 +0530 Thu, 01 Sep 2016 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328783 The Court upheld the Assessing Officer's decision to refer the valuation of a property to the Departmental Valuation Officer under Section 55A(b)(ii) of the Income Tax Act. It found that the Assessing Officer's broad power under this provision allows for such references when the fair market value estimated by the assessee is deemed improper. The Court dismissed the appellant's argument that the reference was illegal, emphasizing the need to prevent attempts to avoid paying capital gains tax by inflating property values. Consequently, the Court dismissed the appeal in favor of the revenue. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328783