In section 55A of the Income-tax Act, in clause (a), for the words "is less than its fair market
value", the words "is at variance with its fair market value" has been substituted with effect
from the 1st day of July, 2012. Hence, reference of the AO to DVO for FMV as on 1/4/1981
has become legally tenable. My querry is- when is the ammendment effective - from A.Y
2012-13 or is applicable to all references by AO after 1/7/2012 or for all sales effected after
1/7/2012.
Kindly Suggest
CA.Preety Parik