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TMI Blog2013 (12) TMI 1254X X X X Extracts X X X X X X X X Extracts X X X X ..... then there appears to be no reason to invoke the provisions of Section 55A of the Income Tax Act - The power conferred in Section 55A deals the controversy to refer to valuation officer, in case there is dispute or doubt or inability to find out the fair market value of capital assets - Decided against assessee. - Income Tax Appeal No. - 34 of 2005 - - - Dated:- 24-7-2012 - Hon'ble Devi Prasad Singh And Hon'ble Vishnu Chandra Gupta,JJ. For the Petitioner : Jaideep Narain Mathur For the Respondent : D. D. Chopra ORDER Heard learned counsel for appellant as well as learned counsel for respondent. The instant appeal under Section 260-A of the Income Tax Act was filed and has been admitted on the following substantial ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that the valuer had not quoted the single instance in assessing the fair market value as on 01.04.1981 as Rs.6,28,000/-. While making inquiry from UPSIDC, the assessing authority had received a response through letter dated 7.1.1997 with the statement that on 01.04.1981 the land was allotted as industrial land @ Rs.9.75 per square yard. The assessing authority calculated the fair market value of the land as on 1.04.1981 @ 9.75 per square yard and computed the capital gains at Rs.14,18,990/- as against the capital loss of Rs.46,520/-. The assessing authority has relied upon the letter sent by UPSIDC quoting the cost of land in question. The authorized representative of the assessee referred the report of the registered valuer who had tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h is reproduced as under: "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 capital asset to a Valuation Officer- (a) in a case where the value of the asset as claimed by the assessee in accordance with the estimate made by a registered valuer, if the [Assessing] Officer is of opinion that the value so claimed [is at variance with its fair market value]; (b) in any other case, if the [Assessing] officer is of opinion- (i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its letter dated 07.01.1997. The power conferred by Section 55A would have been exercised by the revenue officer in case there would have been some dispute with regard to cost of the land. Once from the documentary evidence and material on record, it is established that the cost of land is Rs. 9.75 per square yard then there appears to be no reason to invoke the provisions of Section 55A of the Income Tax Act. The power conferred in Section 55A deals the controversy to refer to valuation officer, in case there is dispute or doubt or inability to find out the fair market value of capital assets. Admittedly, keeping in view the fact that the assessee had purchased the plot in question from the UPSIDC and the UPSIDC had informed the Revenue a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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