https://www.taxtmi.com/caselaws?id=770247 ITAT Ahmedabad allowed the appeal for statistical purposes, setting aside the addition under section 50C where the AO adopted stamp duty value as deemed consideration without referring to the Departmental Valuation Officer despite the assessee's objection. The Tribunal held that once an assessee objects to stamp duty valuation, it is obligatory for the AO to refer the matter to DVO under section 50C(2) before invoking section 50C(1). The matter was restored to the AO with directions to refer property valuation to DVO and recompute capital gain accordingly. en-us Tue, 06 May 2025 00:00:00 +0530 Thu, 08 May 2025 09:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770247 ITAT Ahmedabad allowed the appeal for statistical purposes, setting aside the addition under section 50C where the AO adopted stamp duty value as deemed consideration without referring to the Departmental Valuation Officer despite the assessee's objection. The Tribunal held that once an assessee objects to stamp duty valuation, it is obligatory for the AO to refer the matter to DVO under section 50C(2) before invoking section 50C(1). The matter was restored to the AO with directions to refer property valuation to DVO and recompute capital gain accordingly. Case-Laws Income Tax Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770247