https://www.taxtmi.com/caselaws?id=337178 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that the Assessing Officer was not justified in referring the fair market value dispute to the valuation officer under section 55A of the Income Tax Act. The Tribunal emphasized that such a reference can only be made if the value declared by the assessee is less than the fair market value, in line with relevant case law precedents. The decision underscored the significance of following legal provisions and judicial precedents in assessing the validity of references to valuation officers in cases involving disputed fair market values. en-us Wed, 28 Dec 2016 00:00:00 +0530 Wed, 04 Jan 2017 08:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337178 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that the Assessing Officer was not justified in referring the fair market value dispute to the valuation officer under section 55A of the Income Tax Act. The Tribunal emphasized that such a reference can only be made if the value declared by the assessee is less than the fair market value, in line with relevant case law precedents. The decision underscored the significance of following legal provisions and judicial precedents in assessing the validity of references to valuation officers in cases involving disputed fair market values. Case-Laws Income Tax Wed, 28 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337178