ITAT Rajkot Remands Sec 50C Addition – Mandatory DVO Reference Required When Assessee Disputes Stamp Value

Vishal Navinchandra Shah Vs CIT (ITAT Rajkot) ITAT Rajkot Remands Sec 50C Addition – Mandatory DVO Reference Required When Assessee Disputes Stamp Value In Vishal Navinchandra Shah vs CIT(A) (AY 2013-14), the ITAT Rajkot allowed the assessee’s appeal for statistical purposes and restored the matter to the AO after holding that section 50C was not applied in its correct legal spirit. The assessee had sold two properties for ₹31.89 lakh, whereas the stamp valuation authority adopted value of ₹55.15 lakh, leading to addition of ₹23.26 lakh to LTCG u/s 50C. The Tribunal noted that the as...