Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's report.

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....Under the unamended valuation provision, reference to the Valuation Officer was permissible only where the assessee's registered valuer's estimate was, in the Assessing Officer's opinion, less than fair market value; where the assessee's adopted value was higher than the AO's figure, the clause did not apply and the residuary limb could not be used. The Finance Act, 2012 amendment expanding the wording to cases where value is "at variance" with fair market value was held prospective and inapplicable to the relevant assessment year. On that basis, the reassessment founded on the impermissible valuation reference was unsustainable and the reopening notice was quashed.....