Allowing the appeal the Tribunal held that the assessee had declared the fair market value as on April 1, 1981 at Rs. 21,58,689 which was higher than the estimate made by the Departmental Valuation Officer as well as estimated by the Assessing Officer while framing assessment and estimating at Rs. 70,664. The amendment in section 55A(a) of the Income-tax Act, 1961 by the Finance Act, 2012 with effect from July 1, 2012 substituted the words “is at variance with its fair market value” in place of “is less than its fair market value”. Reference can be made to the Departmental Valuation Officer only where the value of capital assets shown by the assessee is less than its fair market value but if the value of capital asset shown is more than the fair market value, reference cannot be made. The assessee having declared the value as on April 1, 1981 at Rs. 21,58,689 and the value determined by the Departmental Valuation Officer being less than that at Rs. 27,000, the value adopted by the Departmental Valuation Officer could not be taken for computing fair market value. Hence, the orders of lower authorities were not sustainable.(AY.2010-11)