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

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.