Held that reference to the Departmental Valuation Officer under S.\u00a055A\u00a0of the Act\u00a0 was to be made only when the value of the property disclosed by the assessee was less than the fair market value. If the value adopted by the assessee of the property was much more than the fair market value, there was no question of reference to the Departmental Valuation Officer. The present case pertained to the assessment year 2011-12 and the financial year 2010-11 and the amendment to S.\u00a055A\u00a0was brought into effect from July 1, 2012, effective from the assessment year 2012-13 and that amendment was not retrospectively applicable. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 55A : Capital gains – Reference to valuation officer -Only where Assessing Officer of opinion that Valuation of Registered Valuer Less than fair market value of property\u2014Amendment to S.55A is not retrospectively applicable.[S. 45]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6364","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1EE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6364"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6364\/revisions"}],"predecessor-version":[{"id":6365,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6364\/revisions\/6365"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}