[aaykarbhavan] AO had to refer matter to Valuation Officer if assessee claimed that stamp value exceeded market value of property

AO had to refer matter to Valuation Officer if assessee claimed that stamp value exceeded market value of property

August 5, 2014[2014] 47 taxmann.com 158 (Calcutta)

IT : Where according to assessee, agreed consideration as per conveyance deed was highest prevailing market price of property, it would follow that assessee disputed higher valuation made by Stamp valuation authority and in such case, Assessing Officer should have referred matter to a Valuation Officer as contemplated under section 50C

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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