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2012 (7) TMI 302 - AT - Income TaxMandatory reference to Valuation Officer when assessee objects to valuation adopted by Assessing officer on invocation of Section 50C - Sale of property - addition on account of LTCG - assessee contended that AO should have issued notice and given an opportunity to the assessee before invoking the provisions of section 50C - Held that:- In the instant case, it is seen that the assessee’s objection, to the AO’s adoption of the guideline value of Rs. 26.40 lacs in place of the stated consideration of Rs 8 lakhs in the sale deed, were rejected by the AO and therefore we are of the view that in accordance with the provisions of section 50C(2)(a), he should have made a reference to the Valuation Officer of the Income Tax Department for valuation of the said property. Such an action of AO is in violation of the provisions of section 50C(2). In the interest of justice, matter remitted to file of AO for de novo consideration by making a reference to the Valuation Officer. Unexplained cash deposits in bank - assessee submitted that these cash deposits are savings out of money given to the assessee for expenses by her husband who is assessed to tax - Held that:- It strange that said submission of assessee is brushed aside without calling for any report in the matter from the Assessing Officer regarding the genuineness of the assessee’s claim as to the source of these cash deposits. Matter remitted to file of AO - Decided in favor of assessee for statistical purposes. Unexplained cash deposits -
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