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2020 (10) TMI 1025 - AT - Income TaxCapital gain computation - exemption claimed u/s. 54 denied - AO & CIT (A) not referring the matter to DVO even after requested by the assessee - Whether AO & CIT(A) has erred in not considering the fact about the disadvantaged to the location of the property in question? - HELD THAT:- Assessee made a request before the Assessing Officer that if the explanation of the assessee is not accepted that the market value is less than the stamp duty valuation the valuation of the property may be referred to the valuation cell of the department to compute the market value. This was completely ignored by the AO and also the Ld.CIT(A). Sub-section 50C(2) of the Act is very clear if the valuation of the property as arrived at by the stamp valuation authority is disputed by the assessee the As relying on ABBAS T. RESHAMWALA (PROP. DYNAMIC IMPRESSION) VERSUS I.T.O., WARD 22 (3) (1) , MUMBAI [2009 (11) TMI 943 - ITAT MUMBAI] we direct the AO to refer the matter to the DVO for valuation of the property as per the provisions of sub-section (2) of Section 50C and to determine the capital gains in accordance with law. Grounds raised by the assessee are allowed.
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