Case Law Details
Case Name : Hiaben Jayantilal Shah Vs Income-tax officer (High Court of Gujarat)
Related Assessment Year : 1996-97
Courts :
All High Courts Gujarat High Court
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RELEVANT PARAGRAPH
In the instant case, the assessee had claimed the value of property as per the registered valuer’s report. Therefore, under clause (a) of section 55A, the Assessing Officer was required to form an opinion that the value claimed by the assessee as per the registered valuer’s report was less than the fair market value. The estimated value proposed by the DVO was less than the fair market value shown by the assessee as on 1-4-1981. Therefore, clause (a) of section 55A could not be made applicable. Clause (b) of section 55A can be invoked only in any other case, name...
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THERE IS ALSO RAJKOT ITAT DECISION ON THIS SUBJECT IN THE CASE OF
SHRI SORATHIA JAYANTIBHAI SHAMJIBHAI V. INCOME-TAX OFFICER ITA NO.564/RJT/2012 AY:2009-10 DATED 4/01/2016