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2010 (2) TMI 631 - CALCUTTA HIGH COURT
Capital gains – Valuation of capital asset – Reference to Departmental Valuation Officer – Condition precedent – the formation of opinion of the Assessing Officer that the value claimed by the assessee less than its fair market value is sine qua non. Reasons recorded after order of reference for valuation of the registered valuer is not the substitute of pre-decisional formation of opinion - there is no applicability of clause (b) of section 55A which is meant for other purpose