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2006 (4) TMI 78 - BOMBAY HIGH COURTProperty – valuation - Is the Assessing Officer competent to seek valuation of the property under section 55A of the Income-tax Act, 1961, after he has already assessed the income of the assessee and passed the assessment order? - The entire exercise of reference to the Valuation Officer for ascertaining the fair market value of the capital assets of an assessee is for the purposes of computation of income from capital gains and for completion of the assessment order and once that has been done, the Assessing Officer has no competence to refer to the Valuation Officer. - In our view, therefore, the reference made by the Assessing Officer to the Valuation Officer for determination of the fair market value of the aforestated property is without competence and as a consequence thereof, the notice dated April 19, 2005 issued under section 55A of the Income-tax Act, 1961 is rendered bad in law and we quash the said notice
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