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2022 (12) TMI 1094 - GUJARAT HIGH COURTCapital gain computation - Jantri rates v/s DVO’s report - scope of invoking provisions of section 50C - AO empowered to reject the report of the valuation officer - AO to ascertain the fair market value, referred the matter to the Department Valuation Officer’s (DVO) but rejected the DVO’s report, on the ground that the sale instance of A.Y.2008-09 were considered when the old Jantri rates were prevalent - HELD THAT:- Since, section 50C provides the rate adopted or assessed by the Stamp Duty Authorities is to be considered for the purpose of Section 50C - AO was not correct in adopting the market value assessable for the purpose of stamp duty, as said the provision has been inserted in the section 50C with effect from 01/10/2009, and applicable from A.Y.2010-11. Tribunal has rightly observed that once valid reference to the valuation officer is made under section 50(C)(2) of the Act, assessing officer is not empowered to reject the report of the valuation officer. This finding of the Tribunal is supported by the decision of coordinate bench in the case Ravjibhai Nagjibhai Thesia [2016 (9) TMI 645 - GUJARAT HIGH COURT] Therefore, we could not find any error in the findings of the Tribunal that the A.O. is not justified in adopting the value other than as adopted by the stamp duty authority. No substantial question of law.
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