Invocation of deeming provisions of section 50C without referring to Departmental Valuation Officer is unjustified

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 ...