https://www.taxtmi.com/caselaws?id=753044 The ITAT Kolkata allowed the assessee's appeal against addition under section 50C. The assessee claimed the fair market value was less than stamp duty value and requested reference to Departmental Valuation Officer (DVO) as per section 50C(2). Both lower authorities rejected this request without reasons, failing to follow statutory provisions. The tribunal held that authorities must refer matters to DVO when fair value is disputed, following precedent in Hari Om Garg and Sunil Kumar Agarwal cases. The addition was deleted as unsustainable. en-us Tue, 21 May 2024 00:00:00 +0530 Thu, 23 May 2024 08:37:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753044 The ITAT Kolkata allowed the assessee's appeal against addition under section 50C. The assessee claimed the fair market value was less than stamp duty value and requested reference to Departmental Valuation Officer (DVO) as per section 50C(2). Both lower authorities rejected this request without reasons, failing to follow statutory provisions. The tribunal held that authorities must refer matters to DVO when fair value is disputed, following precedent in Hari Om Garg and Sunil Kumar Agarwal cases. The addition was deleted as unsustainable. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753044