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of In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the issue revolved around the addition made u/s 50C of the Income Tax Act. The assessee had contended that the fair market value of the property was lower than the value adopted by the stamp duty authority and requested a reference to the Departmental Valuation Officer (DVO) as per the provisions of section 50C. Both the Assessing Officer and CIT(A) rejected this contention without providing any reason, thereby not following the statutory provisions of section 50C(2). The ITAT held that the addition made by the Assessing Officer was not sustainable in law. Citing the decision in Hari Om Garg [2019 (5) TMI 1834 - ITAT Agra] and other High Court cases, the ITAT ruled in favor of the assessee, ordering the deletion of the addition. The appeal of the assessee was allowed, and the addition made by the lower authorities was deemed unsustainable and ordered to be deleted.
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