https://www.taxtmi.com/caselaws?id=763770 HC held that where differential value between declared sale deed value (Rs. 72,00,000/-) and stamp duty value adopted by SRO (Rs. 97,69,000/-) exceeds Rs. 50,000/-, Section 56(2)(vii)(b)(ii) applies requiring adoption of stamp duty value for income computation. When valuation is disputed, AO must refer matter to Valuation Officer under Section 50C provisions. Assessee can raise valuation objections even after assessment order through revisional or appellate proceedings. Orders rejecting revision requests were quashed and remitted back for fresh consideration with proper valuation reference. en-us Sat, 21 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763770 HC held that where differential value between declared sale deed value (Rs. 72,00,000/-) and stamp duty value adopted by SRO (Rs. 97,69,000/-) exceeds Rs. 50,000/-, Section 56(2)(vii)(b)(ii) applies requiring adoption of stamp duty value for income computation. When valuation is disputed, AO must refer matter to Valuation Officer under Section 50C provisions. Assessee can raise valuation objections even after assessment order through revisional or appellate proceedings. Orders rejecting revision requests were quashed and remitted back for fresh consideration with proper valuation reference. Case-Laws Income Tax Sat, 21 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763770