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2018 (6) TMI 1184 - AT - Income TaxRefer a property for valuation to the Valuation Officer - capital gain computation - resort to manner as prescribed under section 50C(2) - Held that:- Since the AO has determined the value of the property without following due procedure as provided u/s 50C(2), the CIT(A) was right in directing the AO to determine the value of the property in accordance with provisions of section 50C(2). As decided in the case of Sunil Kumar Agarwal vs CIT [2014 (6) TMI 13 - CALCUTTA HIGH COURT] has held that in all such cases where the AO seeks to take the value of the property assessed for stamp duty purpose as the full value of consideration as a result of transfer, then the AO is under a bounden duty to give the assessee an option to get the property valued by the valuation officer as prescribed u/s 50C(2) of the Act. CIT-A has directed the AO to refer the valuation of the property to the valuation officer and to assess capital gain thereafter in the manner as prescribed u/s 50C(2) of the Act. We find that there is no cause of grievance for the revenue - Decided against revenue
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