AO obliged to refer matter to valuation officer when appellant objects to adoption of stamp duty value as full value of consideration

Padmakar Matondkar Vs Commissioner of Income-tax (ITAT Mumbai) ITAT Mumbai held that when appellant objects to the adoption of stamp duty value in terms of section 50C(1) of the Income Tax Act as full value of consideration, AO is under obligation to refer the matter to the valuation officer under section 50C(2) of the Income Tax Act. Facts- The present appeal is directed against the order of CIT(A) confirming the order passed by the Assessing Officer whereby the Assessing Officer had adopted stamp duty value as full value of consideration by invoking provisions of Section 50C of the Act to ar...