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2021 (9) TMI 14 - ITAT CHENNAICapital gain computation - value determined by the stamp duty authorities in terms of Section 50C(1) - justification of value shown in the registered document by obtaining a valuation report from the registered value - difference in consideration received for transfer of property is less than value adopted or assessed (or assessable) by any authority of a State Government for the purpose of payment of stamp duty - Location disadvantage - HELD THAT:- When assessee objected the value adopted or assessed by the stamp duty authority with certain reasons, then it is the duty of the AO to refer the valuation of the property to the departmental valuation officer in terms of Section 50C(2) - In this case, although the assessee has requested for reference to departmental valuation officer u/s. 50C(2) of the Act, before the AO as well as the CIT(A), both authorities have failed to comply with the requirement of law - We are of the considered view that the AO as well as the CIT(A) have erred in computing LTCG by taking value fixed by the State Government authority for payment of stamp duty, even though the assessee has filed his objection for taking such valuation, contrary to provisions of Section 50C(2). Matter remanded back to AO with directions.
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