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2015 (8) TMI 1159 - AT - Income TaxAddition made by following the valuation method u/s.50C - Held that:- In the present case, the AO had made addition on the basis of the difference in value of the property declared by the assessee as sale consideration and the value that was adopted by the Stamp Valuation Authority. The submission of ld.AR that in the case of co-owners, the matter has been restored to AO by the Tribunal has not been controverted by ld.DR. We find that in the case(s) of S/Shri Ajay Hasmukhlal Jariwala and Dhanesh K.Jariwala HUF, the other co-owners, the Coordinate Bench of this Tribunal [2015 (8) TMI 454 - ITAT AHMEDABAD] had set aside the issue to the file of AO, by holding in view of the provisions of section 50C(2) of the Act, we are of the considered view that the AO was not justified in adopting the value of the property as adopted by the “stamp valuation authority” without referring to the DVO for ascertaining the fair market value of the property. Therefore, the orders of the authorities below on this issue are hereby set aside and the additional ground raised by the assessee is restored back to the file of AO to decide the same in accordance with law. Needless to say that the AO would afford reasonable opportunity of being heard to the assessee before passing the order. Thus, additional ground raised by the assessee is allowed for statistical purposes
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