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TMI Blog2018 (11) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014 (2) TMI 78 - GUJARAT HIGH COURT] Assessing Officer 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 market value. The assessee had relied on the estimate made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on account of Long Term Capital Gains? 3. The issue pertains to the Assessment Year 2011-12 and touches the authority of the Assessing Officer to make a reference to the District Valuation Officer for determining the fair market value of the assets as on 01.04.1981. 4. In this context, the Tribunal had relied on the decision of this Court in the case of Commissioner of IncomeTax v. Gauran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 with its fair market value . The situation may, therefore, be different after July 1, 2012. We are, however, concerned with the period prior thereto. Clause (b) of section 55A is in two parts and per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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