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2018 (7) TMI 580 - AT - Income TaxValuation of property sold - Capital gain - provisions of section 50C applicability - CIT(A) confirming the sale consideration at ₹ 66,29,838/- as valued by the Sub - Registrar as against declared sale consideration of ₹ 32,71,000/- - Held that:- Clause (a) of sub- section (2) of section 50C provides that where the assessee claims that the value adopted by the stamp value authority exceeds the fair market value of the property as on the date on the transfer, and value so adopted by the stamp valuation authority has not been disputed in any appeal/ revision or no reference has made before any authority, Court or the High Court, the Assessing Officer may refer the valuation of the capital assets to the Valuation Officer. In the instant case, we find that during the course of assessment proceedings, the assessee has specifically objected before the Assessing Officer that the valuation adopted by the stamp valuation authority exceeds the fair market value of the property and given the undisputed fact that the said valuation has not been disputed in any appeal or revision, the Assessing Officer is required to refer the matter to the Valuation Officer - remand the matter to the file of the Assessing Officer who shall determine the valuation of capital asset so transferred, after calling for the report from the valuation officer and after providing reasonable opportunity to the assessee. Appeal of the assessee is allowed for statistical purposes.
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