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2018 (11) TMI 394 - HC - Income TaxAddition on account of Long Term Capital Gains - reference to the District Valuation Officer for determining the fair market value of the assets as on 01.04.1981 - Held that:- A decided in COMMISSIONER OF INCOME TAX VERSUS GAURANGINIBEN S. SHODHAN INDL. [2014 (2) TMI 78 - GUJARAT HIGH COURT] Assessing Officer is entitled to make the reference to the Valuation Officer in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by the Registered Valuer, if the Assessing Officer is of the opinion that the value so claimed is less than the fair market value. The assessee had relied on the estimate made by the Registered Valuer for the purpose of supporting its value of the asset - Any such situation would be governed by clause (a) of section 55A of the Act and the Assessing Officer could not have resorted to clause (b) - Decided against Revenue.
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