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2016 (5) TMI 712 - AT - Income TaxDetermination of Long term capital gain - Reference to Valuation Office u/s.55A - Held that:- AO was not justified in referring the matter to the DVO u/s.55A of the Act especially when the value of the capital asset declared by the assessee was more than the fair market value estimated by the AO. It is only when the value adopted by the assessee is less than the fair market value that the AO has power to refer the matter to the DVO u/s.55A of the Act prior to 01-07- 2012. Since the assessment year involved in the instant case is A.Y. 2010-11 and since the value adopted by the assessee as on 01-04-1981 is more than the fair market value, therefore, the AO has no power to refer the matter to DVO u/s.55A of the I.T. Act. The argument of the Ld. Departmental Representative that the amendment will apply to pending cases in our opinion is also not correct - Decided in favour of assessee
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