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2014 (1) TMI 442 - ITAT DELHIReference to the valuation officer not made u/s 50C(2) of the Act - Value adopted by valuation authority exceeds the fair market value of the property – Held that:- Relying upon Meghraj Baid. Versus Income-Tax Officer. 2008 (2) TMI 476 - ITAT JODHPUR] - The assessee has made a claim before the Assessing Officer that the value adopted or assessed by the stamp valuation authority was higher than the fair market value - it is also not the case whether the value adopted by the stamp valuation authority has ever been disputed by the assessee in any appeal or revision or otherwise as referred to in section 50C(2) of the Act - it was incumbent upon the Assessing Officer to refer the matter for valuation to a Valuation Officer has provided in sub-section 50C(2) of the Act - the view taken by the Assessing Officer as well as the Commissioner of Income Tax(A) is not correct - the Assessing Officer failed to refer the matter to the valuation officer u/s 50C(2) of the Act, it would be fit and proper to restore the matter back to the file of the Assessing Officer for a fresh adjudication after referring the matter to the Valuation Officer u/s 50C(2) of the Act – Decided in favour of Assessee.
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