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2014 (1) TMI 857 - AT - Income TaxReference u/s 55A of the Act made to DVO for valuation - Assessee contended that the valuation to be made as the cost in the hands of previous owner – Scope of post amended Section 55A of the Act – Held that:- In order to maintain consistency, the AO ought not to have referred the matter to the Valuation Officer without verifying as to what was the stand taken by the Revenue in the case of other co-owners - the AO nowhere stated as to whether he has made any investigation with regard to the other co- owners' cases - the assessee's case is supported by Registered Valuer's report - The AO cannot be treated as an expert in the field of valuation and though it may not be necessary for him to give detailed account of the reasons for coming to the conclusion that it is a fit case for reference to the Valuation Officer but he ought to have appreciated that in the case of a jointly held asset singling out one co-owner without even bothering as to what has happened in other co-owners' cases would definitely lead to arbitrariness - rule of consistency ought to have been followed by the AO - no action has been taken in the hands of the other co-owners, it is not a fit case for reference to the Valuation Officer - Decided in favour of Assessee.
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