2013 (8) TMI 40

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....ax Appellate Tribunal, Chennai 'C' Bench dated 31.01.2013 passed in I.T.A.No.1587/Mds/2012. "1. Whether the Tribunal was right in law in confirming the order of the lower authorities in adopting the value as per Section 50C(1) without making any reference to the DVO as provided under Section 50C(2), inspite of objection raised by the assessee for adoption of the guideline value by the officer ? 2. Whether the Tribunal was correct in law in adopting the value as per Section 50C(1), in spite of the jurisdictional High Court decision holding that once objection is raised the matter shall be referred to the District Valuation Officer ? 3. Whether the finding of the Tribunal is perverse as no finding was given in respect of the contenti....

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....pted for the purposes of stamp duty taken as basis under the Income Tax Act, thus the Assessing Officer rightly invoked Section 50C of the Act. Thus, the assessee's appeal was rejected by the Income Tax Appellate Tribunal. 5. As rightly contended by the learned counsel for the assessee, when specific objection was made by the assessee as to the Assessing Officer adopting the market value, under Section 50C(2) of the Act, the Assessing Officer ought to have referred the valuation of the capital asset to the Valuation Officer, whereas, the authorities below referred to Section 50C(1) of the Act alone without adverting to Section 50C(2) of the Act. 6. A reading of the order of the Assessing Officer shows that having found such an objecti....