Section 50C addition without referring to Valuation Officer not sustainable: ITAT Ahmedabad

Mohammedaarif Yunusbhai Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition invoking provisions of section 50C(2) of the Income Tax Act without referring the valuation of the capital asset to the valuation officer is not justifiable. Accordingly, matter restored back to AO to refer the matter to valuation officer for determining Fair Market Value. Facts- An information was received by AO that the assessee had sold immovable property, in which he was one third co-owner, for a consideration of Rs.91,00,000/-. Thus, the case was reopened by the AO by issue of notice u/s. 148 of the In...