Case Law Details
Case Name : The Commissioner Of Income Tax Alld And Anr. Vs Sh. Chandra Narain Chaudhri (Allahabad High Court)
Related Assessment Year :
Courts :
All High Courts Allahabad High Court
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We are of the view that whenever objection is taken or claim is made before AO, that the value adopted or assessed or asses sable by the Stamp Valuation Authority under sub-section (1) of Section 50-C exceeds the fair market value of the property on the date of transfer, the AO has to apply his mind on the validity of the objection of he assessee.
He may either accept the valuation of the property on the basis of the report of the approved valuer filed by the assessee, or invite objection from the department and refer the question of valuation of the capital asset to DVO in accordance with Sec...
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Kindly state whether the report submitted by the DVO in a case covered u/s 50C of I. T. Act,1961 is binding on the Assessing Officer or it is discretion of AO to accept the valuation reported by AO or reject it?
Whether this situation is applicable even if the property is sold to a builder (3rd party) rather than tenant?