2022 (11) TMI 14

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....led return of income declaring total income of Rs.15,88,408/-, under limited scrutiny, the Assessing Officer issued notices u/s 143(2) and 142(1) of the Act, in response to which, the assessee was represented through its authorized representative and filed details as sought by the Assessing Officer from time to time. I note that the assessee claimed deduction u/s 54F of the Act to the extent of Rs.55,36,190/-. According to Assessing Officer, the market value of property was Rs.4,32,00,000/- and sale consideration as received by the assessee was at Rs.3,25,00,000/-. The Assessing Officer asked the assessee why the value adopted by the stamp duty authority should not be taken as value of the property and referred the said issue to the valuati....

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....termined by the DVO less than 10% and drew my attention to the para nos.3 to 6 of the said decision. 6. The ld. DR argued that the said issue has been considered by the CIT(A) and the CIT(A) correctly held that the Assessing Officer is bound to follow the procedure contemplated u/s 50C of the Act, the value determined by the DVO. 7. Upon hearing both the parties, I note that the value of the property which has been sold by the assessee along with his coowners as determined by the stamp duty value is at Rs.4,32,00,000/- and the sale consideration as reflected in the sale deed is at Rs.3,25,00,000/-. The Assessing Officer on finding the difference between the stamp duty value and sale consideration in sale deed referred the issue to the DVO....