https://www.taxtmi.com/caselaws?id=189680 The ITAT allowed all appeals of the assesses for the assessment year 2004-2005, holding that the AO's reference to the DVO was unjustified as the assesses' declared value exceeded the fair market value. The ITAT emphasized that the 2012 amendment to Section 55A was not retrospective, supporting its decision based on legal provisions and a precedent from the Bombay High Court. The assesses' higher valuation was deemed valid, leading to the rejection of the AO's addition based on the DVO's lower valuation. en-us Wed, 10 Aug 2016 00:00:00 +0530 Mon, 16 Jan 2017 20:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189680 The ITAT allowed all appeals of the assesses for the assessment year 2004-2005, holding that the AO's reference to the DVO was unjustified as the assesses' declared value exceeded the fair market value. The ITAT emphasized that the 2012 amendment to Section 55A was not retrospective, supporting its decision based on legal provisions and a precedent from the Bombay High Court. The assesses' higher valuation was deemed valid, leading to the rejection of the AO's addition based on the DVO's lower valuation. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189680