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2017 (5) TMI 831 - AT - Income TaxComputation of capital gain - CIT-A directed for adoption of the valuation as per the report of the District Valuation Officer which was lower than the value fixed by the stamp/registration authorities - Held that:- Once a reference was made to ld. DVO, invoking section 50C(2) of the Act, then the value fixed by the DVO alone has to be considered if it is lower than the value fixed by the stamp authorities. A reference under section 50C(2) to the valuation is always made on the behest of the assessee and an assessee will make a request for such a reference, only when he feels that value fixed by the stamp valuation authorities was on the higher side. If after such reference, the value fixed by the stamp valuation authorities is still to adopted, ignoring the lower value fixed by the DVO then the purpose of reference to the DVO itself is lost. In such circumstances, no circular of the CBDT can come to the aid of the Revenue. Once a valuation is given by the Valuation Officer in accordance with Sec. 50C of the Act, then such value alone can be adopted where it is lower than the value assessed by the stamp valuation authorities as held by Hon’ble Gujarat High Court in the case of Principal Commissioner of Income Tax vs. Ravjibhai Nagjibhai Thesia [2016 (9) TMI 645 - GUJARAT HIGH COURT]. - Decided against revenue
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