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2011 (2) TMI 937 - AT - Income TaxCapital Gains – Adoption of valuation made by the Stamp duty authorities as consideration-Reference to Valuation Officer- Held that:- Once the assessee claimed before the A.O. that the fair market value determined by the stamp-duty authorities are higher then the actual sale consideration and A.O. is not satisfied with the explanation of the assessee then he should rather bound to refer the matter to the DVO for valuation. See ITAT Jodhpur Bench in the case of Meghraj Baid (2008 - TMI - 68694 - ITAT Jodhpur). Further, if the fair market value declared by the assesse is more than the fair market value determined by the DVO then such reference by the AO to the DVO for valuation of fair market value of the property is invalid and estimation of fair market value made by assessee should be accepted. Decided in favor of the assessee.
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