Sec 50C(2) Mandates reference to DVO for ascertaining fair market value of property

CA Prarthana Jalan Hon’ble ITAT Ahemdabad in the case of Nikunjkumar H.Jariwala v/s ITO in I.T.A. No. 2404/Ahd/2011 vide order dated 19/03/2015 has held that as per the mandate provisions of section 50C(2) of the Act, the AO was not justified in adopting the value of the property as adopted by the “stamp valuation authority” without referring to the DVO for ascertaining the fair market value of the property. Facts of the case are that the AO has made addition on the basis of the difference in the value of the property declared by the assessee as sale consideration and adopted by t...