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50. We also refer to the decision of the Co-ordinate Bench in case of Shri Mahdevbhai Mohanbhai Naik, Surat vs. ITO, Ward-3(1)(1), Surat (in ITA No. 820/Ahd/2016 dated 11.07.2018) wherein it was held that the amendment is substantive in nature which is relevant to assessment year commencing after the date of amendment i.e. FY 2012-13 relevant to AY 2013-14 and the relevant findings are as under:-

"12. Thus, the contention of the Learned Departmental Representative that reference was made after 01.07.2012 is not tenable in law as the amendment made in section is substantive in nature which is relevant to assessment year commencing after the date of amendment i.e. FY 2012-13 relevant to AY 2013-14, hence, it is not applicable for the assessment year 2010-11, as the assessment involved is prior to period of 01.07.2012. In view of these facts and circumstances, we are of the considered opinion that the law has ITO, Jaipur vs. M/s Bajaj Udyog, Jaipur been settled by the decision of Hon' ble Bombay High Court, Hon'ble Gujarat High Court, Mumbai tribunal and Pune Tribunal. Therefore, the AO was not justified in referring to DVO or adopting valuation based on valuation report. The amendment in section 55A was qua prior period to 01.07.2012 and not qua proceeding prior to 01.07.2012. Hence, respectfully the following the ratio laid down in above judgements of Hon'ble High Courts and Tribunal as referred above, hence, Ground No. 1(1) to (5) of the appeal are allowed."
The first technical issue arose before us is whether the reference made by the AO to the DVO for the valuation of the property is valid for the year under consideration. In this regard we note there was an amendment u/s 55A of the Act which was effective from 01.07.2012. Prior to the amendment u/s 55A of the Act, the provision of said section reads as under:-
"[Reference to Valuation Officer.
55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the ITO, Jaipur vs. M/s Bajaj Udyog, Jaipur [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer--