https://www.taxtmi.com/caselaws?id=331306 The court ruled in favor of the assessee, concluding that the reopening of the assessment and the reference to the Valuation Officer under section 55A of the Income-tax Act were not justified. The court found that the Assessing Officer's actions were not permissible as the value claimed by the assessee was higher than the fair market value determined by the Valuation Officer. The appeal was allowed with no order as to costs. en-us Mon, 08 Aug 2016 00:00:00 +0530 Sat, 30 May 2026 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331306 The court ruled in favor of the assessee, concluding that the reopening of the assessment and the reference to the Valuation Officer under section 55A of the Income-tax Act were not justified. The court found that the Assessing Officer's actions were not permissible as the value claimed by the assessee was higher than the fair market value determined by the Valuation Officer. The appeal was allowed with no order as to costs. Case-Laws Income Tax Mon, 08 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331306