| |
| The Tax Publishers2021 TaxPub(DT) 0086 (Ahd-Trib) INCOME TAX ACT, 1961
Section 50C
Where assessee had categorically brought to the notice of AO that the value adopted by the stamp valuation authority in his case exceeded the fair market value of the property as on the date of transfer, therefore, to verify the facts reported by the assessee, AO could have referred the issue for valuation of the sold capital asset to a DVO under the provision of section 50C(2).
|
Capital gains - Reference to DVO - Whether to be made -
Assessee filed appeal against an addition made by AO of long-term capital gain arising on the sale of land under section 50C and confirmed by CIT(A) stating that there was no categorical request made by the assessee before AO that the valuation may be referred to the departmental valuation officer. Held: Assessee had categorically brought to the notice of AO that the value adopted by the stamp valuation authority in his case exceed the fair market value of the property as on the date of transfer. Therefore, to verify the facts reported by the assessee, AO could have referred the issue for valuation of the sold capital asset to a DVO under the provision of section 50C(2). Thus, matter was remanded to the file of AO for deciding the issue of long-term capital gain earned on sale of the impugned land afresh after referring the matter to DVO.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2012-13
IN THE ITAT, AHMEDABAD BENCH
 SUBSCRIBE FOR FULL CONTENT
|