Refer to DVO Under Section 50C(2) When Sale Consideration Differs from Circle Rate

Hemant Vasisht Vs DCIT (ITAT Delhi) ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO. Facts- A survey operation was conducted in the premises of the assessee on 16.05.2012 u/s 133A of the Act. The assessee owns 7 storey office complex building having numerous flats at each The ld AO observed that assessee had sold various flats during the year under consideration. These flats were purchased in the year 2006-07...