ITAT Rules Fresh Valuation Mandatory if Assessee Disputes u/s 50C; Invalidates Addition for Non-Compliance.

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....The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the district valuation officer, but the officer reiterated the valuation made in the seller's case, stating no need for a fresh valuation. The ITAT held that u/s 50C, if the assessee objects to the adopted deemed consideration, the assessing officer must refer to the district valuation officer for a fresh valuation. As the assessing officer failed to obtain a fresh valuation report after giving the assessee an opportunity to represent before the DVO, the addition deserves deletion. The ITAT emphasized that the valuation made for the seller cannot be applicable to the buyer, as the par.........