TMI Blog2018 (11) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on COMMISSIONER OF INCOME TAX VERSUS GAURANGINIBEN S. SHODHAN INDL. [2014 (2) TMI 78 - GUJARAT HIGH COURT] AO 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 marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,98,630/made on account of Long Term Capital Gains? 2. Similar issue in similar background came to be considered in Tax Appeal No.1204 of 2018. Tax Appeal was dismissed by an order dated 08.10.2018 in following terms: 3. The issue pertains to the Assessment Year 201112 and touches the authority of the Assessing Officer to make a reference to the District Valuation Officer for determ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April 1, 1981. It would not be the case of the Assessing Officer that the value of the asset shown as on April 1, 1981 was less than the fair market value. Such clause, therefore, as it stood at the relevant time, had no application to the valuation as on April 1, 1981. We are conscious that with effect from July 1, 2012, the expression now used in clause (a) of section 55A is is at variance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use (ii) of clause (b). In any case, clause (b) would apply where clause (a) does not apply since it starts with the expression in any other case . In other words, if the assessee has relied upon a registered valuer s report, the Assessing Officer can proceed only under clause (a) and clause (b) would not be applicable. 5. The issue is covered by the decision of this Court. Hence, the Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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