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2014 (2) TMI 1286 - ITAT MUMBAIJustification of referring the matter to the Valuation Officer u/s.55A - Held that:- Reference to the VO can be made only when value adopted by the assessee is less than the Fair Market Value. We find that FAA had held that reference by the AO to the VO was against the provisions of law. If he was of the opinion that reference made by the AO was contrary to the provisions of Act, he should not have referred to the Valuation Report of the VO and should not have adopted Fair Market Value as indicated by the VO. We are not able to endorse his views, therefore, decided in favour of the assessee. Charging of interest u/s. 234A and 234B - Held that:- We find that assessee had taken specific ground about charging of interest of ₹ 1.54 and 2.54 lacs respectively u/s. 234A and 234B of the Act. We find that while deciding the appeal, FAA has not decided the issue, therefore, in the interest of justice we restore back the issue to the file of the FAA for fresh adjudication. - Decided in favour of the assessee in part.
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