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2018 (10) TMI 1123 - AT - Income TaxAddition u/s. 50C on account of STCG - non referring the mater to DVO for determination of Fair Market Value - Held that:- Assessee having income from Salary, Short Term Capital Loss & Bank F.D. Interest etc. Assessee filed the return of income for A.Y. 2010-11 on 02.04.2011 declaring total income of ₹ 92,400/-. During the course of assessment, appellant filed all necessary documents and detailed submissions and during assessment proceeding, assessee raised an objection towards valuation of the property. But A.O. did not bother to refer matter to the DVO. In appellant proceedings CIT(A) clearly mentioned that assessee’s only objection to application of section 50C is that the Assessing Officer did not refer his case to the Valuation Officer for determination of Fair Market Value because despite the fact that appellant raised an objection before the lower authorities for referring the mater to DVO for determination of Fair Market Value but lower authorities did not bother. Therefore, stand of the revenue is not sustainable. Therefore, we set aside the order of the A.O. and remand this matter back to the Assessing Officer who will refer this matter to the file of the DVO. Thereafter will decide the matter in accordance with law. - Decided in favour of assessee for statistical purpose.
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