Court held that the Assessing Officer should have made a reference to the Valuation Officer under section 55A in respect of the cost of acquisition of the land sold by the assessee. Even before the Assessing Officer, the assessee had produced the report of a registered valuer and the assessee had based his claim on the estimate made by a registered valuer. The Assessing Officer had not shown any reason whatsoever to have rejected the valuation made by the registered valuer. The matter was remitted to the Assessing Officer to make a reference under section 55A to the Valuation Officer. (AY. 2006 -07)
C. V. Sunny. v. CIT (2019) 415 ITR 127/ 179 DTR 115/ 309 CTR 291/ 265 Taxman 19 (Mag.) (Ker.)(HC)
S. 55A : Capital gains-Reference to valuation officer-Cost of acquisition-Filing valuation report-Refusal to make reference to valuation officer is not proper-Matter remitted to Assessing Officer for reference to valuation officer. [S. 45]