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Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV
Case Law Details
- Case Name
- Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Kolkata
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Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)
Reference by the assessing officer to the DVO under section 55A for valuation of fair market value of the property as on 1-4-1981 is not valid for the reason that the assessing officer was of the view that fair market value declared by the assessee as per Government registered valuer’s report was more than the fair market value whereas in law the assessing officer could make a reference only when he is of the opinion that the value so claimed is less than the fair market value as on 1-4-1981. Since determination of the fair market value as on ...
