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Invocation of deeming provisions of section 50C without referring to Departmental Valuation Officer is unjustified
Case Law Details
- Case Name
- Nirmal Santra Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Kolkata
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Nirmal Santra Vs ITO (ITAT Kolkata)
ITAT Kolkata held that invoking deeming provisions under section 50C and adopting value of property as per Stamp Valuation authority without referring the matter to Departmental Valuation Officer unsustainable. Accordingly, matter restored to jurisdictional Assessing Officer.
Facts- The sole grievance relates to addition of Rs. 36,81,810/- made by ld. AO invoking the deeming provisions of Section 50C of the Act.
It is the case of the assessee that it has received Rs. 15 Lakhs as full value of consideration on sale of the capital asset. However, the value of ...
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