Where fair market value of the capital asset under transfer is less than the valuation as per Stamp Value Act

RELEVANT PARAGRAPH 8.       We have considered the rival submissions and perused the material on record. In our considered view, the argument of ld.AR that the AO has to necessarily refer the capital asset for valuation to the DVO even though there is no claim made by the assessee is not acceptable. In this regard, we refer to Section 50C(2) as under: “Special provision for full value of consideration in certain cases. SOC. (2) Without prejudice to the provisions of sub-section (1), where— (a)      the assessee claims before any Assessing Officer that the value adopted or as...