https://www.taxtmi.com/caselaws?id=752800 The ITAT PUNE remanded the matter back to the AO after finding that the assessee's request to refer the property valuation to the DVO under section 50C(2) was wrongly denied by the CIT(A)/NFAC. The assessee had sold land below the guideline value, claiming the property's location near a riverbank, cremation ground, and lack of approach road justified the lower sale price. The ITAT held that when an assessee disputes fair market value determination based on stamp duty guideline value, the AO is bound to refer the matter to the DVO. The appeal was allowed for statistical purposes. en-us Thu, 16 May 2024 00:00:00 +0530 Sat, 18 May 2024 06:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752800 The ITAT PUNE remanded the matter back to the AO after finding that the assessee's request to refer the property valuation to the DVO under section 50C(2) was wrongly denied by the CIT(A)/NFAC. The assessee had sold land below the guideline value, claiming the property's location near a riverbank, cremation ground, and lack of approach road justified the lower sale price. The ITAT held that when an assessee disputes fair market value determination based on stamp duty guideline value, the AO is bound to refer the matter to the DVO. The appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752800