ITAT Rules Stamp Duty Value Prevails Over Higher DVO Valuation

Chittu Bhawanji Narsey Vs ITO (ITAT Mumbai) ITAT Mumbai applies Section 50C(3): Stamp Duty Value to Prevail over Higher DVO Valuation Mumbai ITAT  has granted relief to Assessee by deleting the addition made u/s 50C on account of adoption of higher DVO valuation. Assessee, along with co-owners, had sold a residential flat   through an agreement executed in December 2010 &  registered on 07.01.2011 for Rs 3.50 crore. While the stamp valuation authority valued the property at Rs 4.17 crore on the date of registration, Assessee argued that the agreement to sell had been finalised earlier,...