9911796707
TMI Blog1993 (9) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... e by P. R. Damani, whereby he had offered to purchase the properties of the company for Rs. 34,00,011. For the purpose of conveying the land, this court apportioned the price and the value of the land to be conveyed to P. R. Damani was fixed at Rs. 15,00,000. The official liquidator executed the conveyance deed on March 30, 1973. He then filed the return of income for the assessment year 1973-74 for the purpose of ascertaining whether any capital gains had arisen as a result of transfer of the said land in favour of P.R.Damani. He also obtained a valuation report of a registered valuer and made a claim in accordance with the estimate made by the registered valuer. The Income-tax Officer, respondent No. 2, vide his letter dated December 18, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt proceeded further with determination of the fair market value and ultimately by his order dated March 28, 1974, determined the fair market value of the land in question at Rs. 4 per sq. yard. This order and also the action of respondent No. 2 in making a reference to the first respondent, are challenged in this petition. A preliminary objection has been raised by learned counsel for the respondents that against the order passed by the District Valuation Officer, the petitioner can prefer an appeal and, therefore, as the assessee has an alternative remedy available to him, this court should refuse to grant the reliefs claimed in this petition and the petitioner should be relegated to the ordinary remedy under the statute. This petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other than those where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer therefore, in all cases, where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, only clause (a) would be attracted and not clause (b). On the other h and, it was contended by learned counsel for the Revenue that section 55A makes a distinction between cases in which the valuation stated by the assessee is based on valuation by a registered valuer and all other cases in which it is not so. He submitted that in cases where the assessee opted for valuation of the land by a registered valuer as on January 1, 1954, the fair market value as claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and circumstances of the present case. Reference under clause (b)(ii) could have been made if the Income-tax Officer was of the opinion that having regard to the nature of the asset and other relevant circumstances, it was necessary so to do. In this case, as pointed out above, the asset is a piece of land. Therefore, there is nothing special about the nature of the asset which could have justified the Income-tax Officer to make a reference to the Valuation Officer. No other relevant circumstance could be pointed out by the Valuation Officer in his affidavit or by the respondents in any other manner in justification of the action of respondent No. 2. The only reason that we find from the material on record is that in the opinion of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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