https://www.taxtmi.com/caselaws?id=390512 The Tribunal quashed the reference made under Section 142A of the Income Tax Act as it was deemed inappropriate for determining the Fair Market Value (FMV) of a property acquired before 01.04.1981. The valuation report prepared by the District Valuation Officer (DVO) under Section 55A was invalidated for exceeding the Assessing Officer's mandate. The Tribunal directed the Assessing Officer to restore the FMV determined by the Registered Valuer (RV) and emphasized the importance of adhering to principles of natural justice in tax assessments. The appeal was allowed, setting aside the CIT(A)'s order. en-us Tue, 31 Dec 2019 00:00:00 +0530 Sun, 05 Jan 2020 12:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390512 The Tribunal quashed the reference made under Section 142A of the Income Tax Act as it was deemed inappropriate for determining the Fair Market Value (FMV) of a property acquired before 01.04.1981. The valuation report prepared by the District Valuation Officer (DVO) under Section 55A was invalidated for exceeding the Assessing Officer's mandate. The Tribunal directed the Assessing Officer to restore the FMV determined by the Registered Valuer (RV) and emphasized the importance of adhering to principles of natural justice in tax assessments. The appeal was allowed, setting aside the CIT(A)'s order. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390512