Reference to DVO mandatory when assessee objects adoption of stamp duty valuation: ITAT Ahmedabad

ITO Vs Ketaben Janakbhai Patel (ITAT Ahmedabad) ITAT Ahmedabad held that it is mandatory for the AO to refer the valuation to the DVO if the assessee objects to the adoption of the stamp duty value and claims that the value adopted exceeds the fair market value. Facts- A plot of land was purchased jointly by the assessee at a purchase price of Rs. 8,15,000/-. The said plot was sold by the assessee for a consideration of Rs. 2,15,00,000/-. The Assessee’s share was of 60%. AO ascertained from the Stamp Valuation Authorities that as per prevailing jantri/circle rates, the value of the prope...