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2013 (11) TMI 519 - AT - Income TaxValuation u/s 50C - Reference to DVO - Held that:- when the Assessee objects to the valuation of the Stamp Authorities before the A.O., the Assessing Officer has no option than to refer the valuation to the DVO. It has been held by various decisions of the coordinate bench of the Tribunal that the word “May” used in subsection 2 of section 50C has to be read as “Should” and the Assessing Officer has no discretion but to refer the matter to DVO for the valuation of the property when the Assessee raises an objection that the valuation adopted or assessed by the Stamp Valuation Authorities exceeds the Fair Market Valuation of the property - objection of the Revenue that CIT direction in referring the valuation to DVO is not correct cannot be accepted. More over, if any such direction is given and same was implemented by the Assessing Officer, having referred the matter to the DVO, it cannot be questioned in the present appellate proceedings when the CIT(A) directed the AO to adopt the valuation of DVO which is mandatory under the provisions - Decided against Revenue.
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