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2005 (2) TMI 54 - HC - Income TaxProperty – principles of valuation - the report of the valuer is merely a piece of evidence which could be rejected by the authority concerned if it was found unreliable according to the accepted principle of valuation and in case it was rejected the authority had either to get a valuation done by the departmental valuer or otherwise as the case may be or it could be valued by itself following the accepted principle of valuation and in case it did not do so, in that event, if there were sufficient materials on record to arrive at a reasonable valuation, in that event, such valuation could be accepted by the authority in a proceeding under the Income-tax Act. – Held that Tribunal had the responsibility to value the property following the accepted principles of valuation
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