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2018 (4) TMI 1519 - AT - Income TaxAddition u/s. 69 - difference in the actual sale value and circle rate for stamp duty purposes on sale of five immovable properties and circle rate for stamp duty purposes on sale of five immovable properties - absence of reference to DVO - Held that:- Because section 50C(2) read with clause c of section 56(vii)(b) inter alia provides that where the assessee claims before any AO that the value adopted or assessed or assessable by stamp valuation authority under sub section 1 of section 50C exceeds the fair market value of the property, the AO have to refer the valuation of capital asset to the Valuation Officer, which in this case has not been done by the AO. Once the assessee makes a request for reference to DVO, it is necessary to refer the matter to DVO as per 3rd proviso to sec.56 (2) (vii) r/w sec.5OC (2). In the absence of reference to DVO, the declared value cannot be disturbed. Hence, in the interest of justice, we set aside the issue in dispute to the AO with the directions to refer the matter to the DVO for valuation and DVO should allow full opportunity of hearing to the assessee, as per law and submit the Report to the AO. Thereafter, the AO shall decide the matter in dispute afresh, after considering the Report of the DVO and give adequate opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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