TaxTMI 
TaxTMI 
2010 (6) TMI 824
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....L, A.M.: This appeal has been filed by the assessee against the order of the CIT(A) dated 14.10.2008. 2. Ground nos.1 to 3 since not pressed stand dismissed as not pressed. 3. The only ground which remains for adjudication reads as under :- "That the Assessing Officer had been wrong and illegal in not referring the matter of valuation of Fair Market Value of the property to the Valuation Cel....
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..... The CIT(A) confirmed the sale consideration to be taken at ₹ 53,01,000/- as per provisions of section 50C of the Act. 5. Ld. A.R. before us relied on the decision of the Jodhpur Bench in the case of Meghraj Baid vs. ITO, 114 TTJ (Jd.) 841 for the proposition of law that in case the A.O. did not agree with the explanation of the assessee with regard to the lower consideration disclosed by ....
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....r the stamp duty is ₹ 53,01,000/- but the assessee has shown the apparent consideration as per the sale deed at ₹ 3,52,200/-. The assessee has disputed before the A.O. that stamp valuation to be taken to be the sale consideration. In this regard, the assessee submitted the report of the Registered Valuer, copy of which was also filed before us, who has estimated the fair market value o....
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....t. The word, 'may' used in this sub-section signifies that in case learned AO is not satisfied with the explanation of the assessee, he 'should' refer the matter to the DVO for the mentioned purpose. Learned Authorised Representative has relied on the decision of the Hon'ble Supreme Court rendered in the case of Ashok Leyland Limted vs. Union of India & Ors. (1997) 105 STC 152 (SC) wherein it has ....