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2014 (2) TMI 422 - AT - Income TaxRectification of mistake u/s 154 of the Act - Validity of reference made to valuation officer u/s 50C of the Act – Computation of capital gain – Held that:- The reference u/s 50C of the Act is limited only in respect of the value of the transferred property as on the date of its transfer and secondly such reference can be made only when the value adopted by the stamp valuation authorities is objected to by the assessee, and not otherwise - the value of the property as on 1.4.81 furnished by the valuation officer by way of his order dated 22.12.2009, u/s 50C of the Act received by the AO on 5.1.2010 is illegal – the transaction is not covered by the provisions of section 50C – thus, the AO is directed not to consider the FMV of the property as on 1.4.1981 as given by the valuation officer in his valuation report dated 22.12.2009 for the purpose of computing capital gains from the impugned transaction – the order of the CIT(A) upheld – decided against Revenue.
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