S. 50C -Fair Market Value assessed by DVO to be adopted even if its lower than stamp duty valuation

ITO Vs Gita Roy (ITAT Kolkata)- Whether Ld. CIT (A) erred in directing the AO to adopt the value of the property sold as per DVO report for the purpose of computing capital gains in place of value adopted by Stamp Valuation Authority and considered by AO as per provisions of Section 50C(1) of the IT Act, 1961. Held, Yes If the fair market value as assessed by the DVO is lower than the value adopted by Stamp Duty Authorities for collecting stamp duty. Then value so adopted by DVO has to be adopted by the AO for the purpose of computation of LTCG. The property was situated in a narrow lane and f...