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2017 (10) TMI 1522 - AT - Income TaxReference of matter to DVO - valuation of the Property to valuation officer as provided in section 50C(2) - adopting the value of the property as adopted by the Stamp Valuation Authorities - HELD THAT:- AO is required to refer the issue of valuation of property to the DVO if the assessee claims that the value adopted or assessed by the Stamp Valuation Authorities exceeds the fair market value of the property as on the date of transfer. In the light of the above provision and respectfully following the judgment of SUNIL KUMAR AGARWAL VERSUS COMMISSIONER OF INCOME TAX, SILIGURI [2014 (6) TMI 13 - CALCUTTA HIGH COURT] we hereby set aside the orders of the authorities below and restore the assessment to be framed denovo to the file of the AO. The AO is directed to refer the issue of Fair Market Value of the property to the DVO. The AO shall make enquiry from the Stamp Valuation Authorities as to what was the basis for adopting the impugned valuation. Thus the ground of the assessee is allowed for statistical purposes.
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