FMV of capital asset can be determined only after hearing objections of assessee

Ms. Jagannathan Sailaja Chitta Vs ITO (Madras High Court) Conclusion: Since a bare reading of scheme of Section 50C would show that assessee could object to presumptive value as per Section 50C (1) and, therefore, it was only after hearing the objections of assessee, the fair market value of capital asset as per ‘Guidance Value’ could be determined by authorities, therefore, the matter was remitted back to Assessing Authority to decide both the questions about the valuation of the property to be taken while dealing with the objections of the assessee against the Report of Departme...