Assessee converted land into stock-in-trade and part of it was sold.  Assessee computed long-term capital gains on said sale. Assessing Officer on doubting assessee’s valuation made a reference to DVO to value land as on 1-4-1981 as well as on date of conversion and enhanced amount of long-term capital gain. On appeal the Tribunal held that FMV as on 1-4-1981 and as on date of conversion of land was duly supported by valuation report of registered valuers. Since prior to 1-7-2012, no reference to DVO could be made under section 55A where Assessing Officer was of view that FMV as on 1-4-1981 was less than value declared by assessee, substitution of FMV by Assessing Officer could not be held in accordance with law.  (AY. 2005-06)