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TMI Blog2020 (10) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... n law by not referring the matter to DVO even after requested by the assessee. 2. The learned Assessing Officer & CIT(A) has erred in not considering the fact about the disadvantaged to the location of the property in question. 3. The CIT(A) has erred in passing the Enhancement Order." 3. Briefly stated the facts are that, the assessee sold property namely Sidhivinayak Darshan, Satrast, Mumbai on 06.05.2013 for an amount of Rs..30,00,000/-. After arriving at indexed cost at Rs..11,99,224/- assessee has reported long term capital gain of Rs..18,00,776/-. The long term capital gain was invested for purchase of new property and exemption u/s. 54 of the Act was claimed. However, the Assessing Officer noticed that the market value of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue was received as per the Ready Reckoner. Ld. Counsel for the assessee further referring to the statement made before the Assessing Officer submitted that if the explanation of the assessee is not accepted, it was requested to review the valuation through Income Tax Office's Valuation Department to calculate the actual market value as on June 2013 for the said property. Therefore, Ld. Counsel for the assessee submits that in spite of request made by the assessee the lower authorities failed to refer the matter to the valuation in contravention of sub-section (2) of section 50C of the Act. Ld. Counsel for the assessee also relied on the decision of the Mumbai Bench of the Tribunal in the case of Shri Abbas T. Reshamwala v. ITO in ITA.No. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are to be fulfilled for referring the matter to the DVO. Since there is no word "or" between sub clause (a) and (b) of subsection (2) of section 50C, therefore, the Assessing Officer was justified in not referring the matter to the DVO. However, we do not find much force in the above argument of the learned DR. It has been held by the various decisions of the co-ordinate Benches of the Tribunal that the word "may" used in sub-section (2) of section 50 has to be read as "should" and the Assessing Officer has no discretion but to refer the matter to the DVO for the valuation of the property when the assessee has raised an objection that the value adopted or assessed by the stamp valuation authority exceeds the fair market value of the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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