Section 50C

[ANILKUMAR BAID]

My cleint sold a property for Rs. 29.50 lacs.

The Stamp Valuation authority initally detremined the value for Rs. 50 Lacs

Subsequently the Buyer filed Appeal and vale was finally Settled at Rs. 40 Lacs

My client (Seller) objected the value and requested AO to appoint DVO

The AO rejected the request for appointment of DVO and Assessed Capital Gains as per Section 50C on the basis of Rs. 40 Lacs

Now can the Appeal be filed against said order

[CABALRAM PANDEY]

Dear Mr. Baid

If the AO had assessed the capital gain at Rs 40 Lakh then i you are getting the benefit of Rs. 10 Lakhs so why you are challanging the vluation of AO. Your quesition is not clear on this part.

I hope that you may clarify your question, we are ready t help you.

 Balram Pandey

[deepak gulati]

Yes the Appeal can be filed, pl see CIT vs Gita Roy, decided by Kolkata ITAT recently.

[CABALRAM PANDEY]

What you have said Mr. Baid is not clear to me. When there is a reference to Section 50C, rule is that, Stamp Value is taken as the Full value of consideration. If ur Full value of consideration according to Stamp valuattion report is Rs. 50 Lakh then DVO view will be near to the same value. So what is the benefit to challange the Valuation done at a lower value. If u think that value of that property is even lower than Rs. 40 Lakh u may fight against the Valuation done by the office.

Regards

Balram Pandey

[ravi sankar]

1.I presume the assessee has filed appeal before stamp valuing authority, and the appeal is disposed and value for the purpose of stamp duty is fixed at Rs.40 lakhs.

2.Based on the above,AO has adopted the value at Rs.40 lakhs and assessed the capital gains.

3.Your request for appointing DVO is not accepted by the officer.Against which you can go for appeal.Your case is similar to the case decided in chennai ITAT B.N.Properties Holdings Pvt Ltd .

4.The result of the appeal will be favourable to you and the valuation will be referred to DVO as requested by you before the AO.

Ravisankar

AI Summary

Section 50C valuation: appeal possible against AO's refusal to refer property valuation to DVO for reassessment. Seller challenged the assessing officer's adoption of the reduced stamp valuation for computing capital gains and the AO's refusal to appoint a District Valuation Officer (DVO). The central issue is whether the assessee may appeal the AO's valuation decision and seek a direction for referral to a DVO; contributors indicated precedent supports appealing the refusal and obtaining a DVO referral when the assessee disputes the adopted stamp value.