https://www.taxtmi.com/caselaws?id=377617 The High Court held that while the Assessing Officer's discretion to refer asset valuation to a Valuation Officer under Section 55A of the Income Tax Act is not mandatory, in this case, a reference should have been made. The Court found the Assessing Officer's rejection of the registered valuer's valuation without proper justification was incorrect. Emphasizing the need for adherence to statutory procedures, the Court allowed the appeal, set aside the assessment orders, and directed a fresh consideration with a valuation reference under Section 55A. en-us Tue, 19 Mar 2019 00:00:00 +0530 Tue, 23 Jul 2019 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377617 The High Court held that while the Assessing Officer's discretion to refer asset valuation to a Valuation Officer under Section 55A of the Income Tax Act is not mandatory, in this case, a reference should have been made. The Court found the Assessing Officer's rejection of the registered valuer's valuation without proper justification was incorrect. Emphasizing the need for adherence to statutory procedures, the Court allowed the appeal, set aside the assessment orders, and directed a fresh consideration with a valuation reference under Section 55A. Case-Laws Income Tax Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377617