Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of The ITAT held that the addition made by the AO on account of the difference between the stamp duty value and the actual sale consideration was not justified without referring the matter to the DVO as mandated under Sections 50C and 55A of the Act. The tribunal found that the fair market value claimed by the assessee was lower than the stamp duty value, and the AO was obligated to seek valuation from the DVO to resolve the discrepancy. The CIT(A) erred in upholding the AO's order without such reference, rendering the appellate order arbitrary and legally unsustainable. The ITAT also noted the failure of the CIT(A) to conduct an inquiry under Section 250(4) and (6). Consequently, the appeal of the assessee was allowed, directing the AO to comply with the statutory provisions regarding valuation.
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