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2014 (9) TMI 13 - HC - Income TaxApplicability of section 50C – Adoption of valuation made by DVO - Evidentiary value of registered document – LTCG on transfer of capital asset - Held that:- Relying upon S.Muthuraja V. CIT [2013 (8) TMI 40 - MADRAS HIGH COURT] -when an objection is made by the assessee to the AO with regard to the adoption of market value u/s 50C(1) of the Income Tax Act - The provision of Section 50C(2) of the Income Tax Act gets attracted - even though the assessee had made an objection for invoking Section 50C(1), the AO had not referred the valuation to the Valuation Officer as per Section 50C(2) of the Income Tax Act - Without doing so, the AO had estimated the capital gains tax, which was confirmed by the Tribunal - mere assertion by the assessee is suffice - while upholding the reasoning of the Tribunal in so far as Section 50C of the Income Tax Act, the assessee has made out a case for consideration as claimed in terms of sub-clause (2) of Section 50C, which has not been done – thus, the order of the Tribunal is set aside - matter remanded back – Decided in favour of Assessee.
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