https://www.taxtmi.com/caselaws?id=60008 The Tribunal upheld the ITO's referral of the case to the Valuation Officer under s. 55A for capital gains computation, emphasizing the ITO's authority to do so if the assessee's valuation is deemed incorrect. The Tribunal found the Departmental Valuer's lower valuation justified due to discrepancies in the approved valuer's assessment method. Regarding the fair market value of the property as of 1st Jan., 1954, the Tribunal supported the Departmental Valuer's valuation based on the property's tenanted condition, setting it at Rs. 3,00,000 for capital gains calculation. The appeal was partly allowed, confirming the ITO's action and determining the property's value for tax purposes. en-us Wed, 27 Nov 1991 00:00:00 +0530 Mon, 03 Jan 2011 12:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60008 The Tribunal upheld the ITO's referral of the case to the Valuation Officer under s. 55A for capital gains computation, emphasizing the ITO's authority to do so if the assessee's valuation is deemed incorrect. The Tribunal found the Departmental Valuer's lower valuation justified due to discrepancies in the approved valuer's assessment method. Regarding the fair market value of the property as of 1st Jan., 1954, the Tribunal supported the Departmental Valuer's valuation based on the property's tenanted condition, setting it at Rs. 3,00,000 for capital gains calculation. The appeal was partly allowed, confirming the ITO's action and determining the property's value for tax purposes. Case-Laws Income Tax Wed, 27 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60008