AO Cannot Refer Property Valuation to DVO When Assessee’s Value Exceeds FMV: Bombay HC

CIT Vs Puja Prints (Bombay High Court) DVO Reference Held Invalid Because Section 55A Applied Only When Declared Value Was Lower Than FMV; 2012 Amendment to Section 55A Not Retrospective Because Parliament Made It Effective From July 2012; Capital Gains Addition Fails Because DVO Valuation Reference Was Not Permitted Under Existing Law; AO Cannot Use Residuary Section 55A(b) When Case Is Covered by Section 55A(a): Bombay High Court The Bombay High Court dismissed the Revenue’s appeal against the Income Tax Appellate Tribunal (ITAT) order relating to Assessment Year 2006-07 and held that th...