2010 (6) TMI 824

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.... D.R. ORDER PER P.K. BANSAL, 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 Marke....

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....e cannot be the sale consideration. The CIT(A) confirmed the sale consideration to be taken at Rs. 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 l....

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....ed that in this case the value as per the stamp duty is Rs. 53,01,000/- but the assessee has shown the apparent consideration as per the sale deed at Rs. 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 estim....

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....sion would be rendered redundant. 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) 1....