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2019 (4) TMI 1025 - AT - Income TaxAddition u/s 56(2)(vii)(b) - purchase of immovable property on less than stamp duty value - incomes enlisted which are chargeable to income tax under the head ‘Income from other sources’ - value adopted for stamp duty purposes exceeded the fair market value of property as on the date of purchase - stamp duty value of immovable property as referred to in sub-clause (b), is disputed by the assessee on the ground as mentioned in section 50C(2) - reference to DVO - HELD THAT:- in respect of sub-clause (b), the proviso very clearly provides that the provisions of section 50C(2) of the Act are to be applied and where the assessee is aggrieved by stamp duty valuation done by the State authorities, then in such circumstances, the Assessing Officer may refer the valuation of such property to Valuation Officer. The assessee before the AO and also before the CIT(A) has pleaded that the value adopted for stamp duty purposes exceeded the fair market value of property as on the date of purchase and had submitted not only the evidence of circular rate at the relevant time but also valuation report by the registered valuer, which was filed before the Assessing Officer and CIT(A), then in such circumstances, it was incumbent upon the Assessing Officer to refer the matter to the District Valuation Officer in order to determine the fair market value of the property as on the date of purchase. - Matter restored before AO.
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