Section 50C Addition Deleted: AO Cannot Ignore DVO Valuation Once Reference Is Made

ITO Vs Vasudev Tripathi (ITAT Ahmedabad) Reopening Within 4 Years is Valid, but 50C Addition Deleted as DVO Value Accepted – Revenue’s Appeal Partly Allowed Assessee, an individual, did not file return u/s 139. AO reopened assessment u/s 147 based on information of land sale on 26.09.2013. Notice u/s 148 dated 13.03.2019 was issued via email & speed post & duly served. Assessee filed ROI in response declaring ₹5,13,930. AO invoked section 50C as stamp duty value (jantri) of two sale deeds (₹4.51 Cr & ₹5.28 Cr) far exceeded stated sale price (₹1.79 Cr & ₹2.13 Cr). ...