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TMI Blog2006 (4) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... sting question. The question is: 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? We, accordingly, issue rule and dispose of the same at this stage by consent of counsel for the parties. The notice dated April 19, 2005 issued under section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 61 reads thus: "55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer- (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of opinion that the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act." Section 55A provides that the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer with a view to ascertain the fair market value for the purposes of Chapter IV. This Chapter deals with com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at section 55A does not specifically prohibit so but it was not required to be prohibited specifically in section 55A as the very purpose of ascertaining the fair market value of the capital assets of an assessee for capital gains by the Assessing Officer is for the purposes of computing the total income of the assessee which may enable him to pass the assessment order. If counsel for the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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