AO can refer Valuation to DVO only if value declared by Assessee is less than fair market value

CA Sandeep Kanoi issue before us is whether Assessing Officer was justified in applying the provisions of Section55A(b)(ii) of the Act at relevant point of time. As stated above, during the year assessee shown land situated at Rajkot, Gujarat for Rs. 1,27,00,000/- and derived long term capital gain, which was invested in new residential house of exemption u/s.54F of the Act. The land sold during the year was purchased prior to 1st April, 1981. Therefore, long term capital gain was calculated by adopting fair market value of land as on 1st April, 1981 as per the provisions of section 55(2)(b)(i...