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2011 (3) TMI 1673 - AT - Income TaxLong term capital gain Computation - Reference to DVO u/s 55A - Determination of FMV - assessee transferring property has adopted FMV of property as on 1/4/81 - whether reference made by the AO to the DVO under section 55A of the for determining the FMV as on 1/4/1981 was legally valid? - CIT(A) held such reference made to DVO is invalid - HELD THAT:- Section 55A could be invoked only if the Ld. Assessing Officer is of the opinion that the value declared by the assessee is less than the fair market value of the asset. In the assessee’s case, the ld. AO has made this reference because he felt that the value of the property as on 1/4/1981 declared by the assessee is more than the fair market value. Thus, the condition of clause (a) of section 55A is not satisfied. Respectfully following the decision of the Tribunal referred to above we uphold the order of the CIT(A) and dismiss the appeal by the revenue.
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