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2017 (12) TMI 856 - ITAT HYDERABADAdoption of sale consideration invoking provisions of Section 50C - assessee is co-owner of property with 1/4th share - AO failed to refer the matter to DVO - Held that:- In this case, however, the assessee had given reasons why the stamp value should not be adopted, but not made any specific request for reference to valuation officer. Even though specific objections were raised before the Ld.CIT(A), CIT(A) failed to consider the grounds and in fact, got confused with another issue of admission of Long Term Capital Gain during the survey, to opine that assessee tried to evade taxes. The action of CIT(A) in rejecting the specific contentions is not correct. He should have directed the AO to refer the matter to valuation cell. In fact, the grounds raised are not addressed by CIT(A), even though he had considered the mandatory nature of Section 50C in his decision part. Thus it is fit and proper to remit the matter to AO for adjudicating denovo after making a reference to the DVO and after giving due opportunity to assessee and considering his objections. The issue in these grounds are accordingly set aside to the file of AO for adjudicating afresh as per facts and law. - Decided in favour of assessee for statistical purposes.
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