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2023 (1) TMI 1252 - AT - Income TaxCapital gain - Addition u/s 50C - addition by taking the value as per Stamp valuation Authority instead of actual sale consideration - HELD THAT:- Addition as made by the AO is wrong because if the AO was of the view that any addition was to be made owing the sale consideration being lower than the stamp value, then he is duty bound to refer to the DVO for determining the market value of the property and only then the addition could have been made. CIT(A) decided the appeal ex-parte when the assessee did not appear on the various dates given. Assessee on the other hand pleads that it could not avail respond as the notices could not be served to the assessee. Where the AO want to substitute the value of Stamp Valuation Authority in place of actual sale consideration then the issue has to be referred to DVO first for ascertaining the value of the property, only then the addition can only be made after giving a fair opportunity to the assessee. This is the ratio laid down in the case of Sunil Kumar Agarwal [2014 (6) TMI 13 - CALCUTTA HIGH COURT] Appeal of the assessee is allowed for statistical purpose.
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