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2014 (1) TMI 239 - AT - Income TaxValuation of property - Held that:- As per section 50C(2) of the Act - Where the assessee claims that the value adopted or assessee for stamp duty purposes exceeds the Fair Market Value (FMV) of the property as on the date of transfer, and he has not disputed value so adopted or assessed in any other appeal or provision or reference before any authority or Court, the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with Section 55A of the Income-tax Act - The assessee clearly objected before the Assessing Officer against the adoption of stamp duty valuation - It was duty of the Assessing Officer to refer valuation of the property to the Valuation Cell of the Income-tax Department - The issue was restored to the file of the Assessing Officer with the direction that the Assessing Officer to refer the property to the Valuation Cell of the Income-tax Department for the purpose of valuation of property and, thereafter, adopt the valuation for working out capital gains.
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