2014 (2) TMI 78 - GUJARAT HIGH COURT

Reference to DVO - Held that:- As per section 55A(a) - The Assessing Officer is entitled to make the reference to the Valuation Officer in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by the Registered Valuer, if the Assessing Officer is of the opinion that the value so claimed is less than the fair market value - Relying upon the decision in Hiraben Jayantilal Shah vs. Income-tax Officer [2008 (4) TMI 292 - GUJARAT HIGH COURT] - The assessee had relied on the estimate made by the Registered Valuer for the purpose of supporting its value of the asset - Any such situation would be governed by clause (a) of section 55A of the Act and the Assessing Officer could not have resorted to clause (b) - Decided against Revenue.