AO Must Refer Property Valuation to DVO When Stamp Duty Value Is Disputed: ITAT Delhi

Sarwan Kumar Vs ITO (ITAT Delhi) The case before the ITAT Delhi involved an appeal by the assessee against the addition made under Section 50C of the Income Tax Act, 1961, and a separate appeal by the Revenue relating to deletion of penalty under Section 271(1)(c). The assessee had sold immovable property situated in the industrial area at Abadanpur, District Bareilly, for an actual sale consideration of Rs. 10 lakh through two sale deeds. However, for stamp duty purposes, the property was valued at Rs. 64.10 lakh in the registration deeds. The Assessing Officer invoked Section 50C and adopted...