TMI Blog2016 (10) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... ITO [2016 (11) TMI 744 - ITAT PUNE ] relating to assessment year 2009-10, order dated 26.08.2016. Accordingly, there is no merit in substitution of fair market value submitted by the DVO since in the pre-amended provisions of section 55A the value lesser than the value declared by the assessee cannot be adopted by way of reference under section 55A of the Act. Reversing the order of CIT(A), the additional ground of appeal raised by the assessee is allowed. - ITA No.723/PN/2016 Assessment Year : 2010-11 - - - Dated:- 14-10-2016 - MS. Sushma Chowla, JM Appellant by : Smt. Deepa Khare Respondent by : Shri Hitendra Ninawe ORDER Sushma Chowla, JM: This appeal filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act, it is not permissible to refer the issue of valuation to the Departmental Valuation Officer in terms of Section 131 of the Act. The value is claimed by the assessee on the basis of registered valuer s report may kindly be accepted. 4. The learned Authorized Representative for the assessee pointed out that the additional ground of appeal raised is purely legal and hence, merits to be admitted. 5. The issue raised by way of additional ground of appeal is against the adoption of market value of land on the date of conversion under section 45(2) of the Act on the basis of DVO report, where the value adopted by the assessee was higher as against the report of DVO. The issue raised by way of additional ground of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of additional ground of appeal is against the reference made by the Assessing Officer to the DVO, under which the value worked out by the DVO was lesser than the value declared by the assessee. The learned Authorized Representative for the assessee in this regard placed reliance on the ratio laid down by the Hon ble Bombay High Court in CIT Vs. Puja Prints (2014) 360 ITR 697 (Bom), wherein it is held that the reference to DVO under section 55A of the Act has to be made when value of property disclosed by the assessee is less than fair market value and not vice-versa. 10. The learned Departmental Representative for the Revenue placed reliance on the orders of authorities below. 11. On perusal of record and after heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention of assessee is that the reference made to the DVO by the Assessing Officer, wherein the fair market value of property was determined at a lower figure than that declared by the assessee is not correct, since no such reference under section 55A of the Act can be made. In this regard, I find support from the ratio laid down by the Hon ble Bombay High Court in CIT Vs. Puja Prints (supra), wherein it has been held that where the Assessing Officer referred the issue of valuation to the DVO only because in his view, the valuation of the property as on 01.04.1981 as made by the respondentassessee was higher than the fair market value, thus, in such cases, invocation of section 55A of the Act was not justified. The Hon ble High Court fur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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