Section 50C Cannot be Invoked if No Reference Made to Valuation Officer

Razia Abu Khatri V. ITO (ITAT Delhi) The issue under consideration is whether AO is correct in invoking section 50C where no reference to valuation officer despite being request made by assessee? ITAT states that, sale value for the purpose of the stamp duty i.e. circle rate being higher than the sale consideration recorded in the sale deed, provisions of the section 50C of the Act are applicable in the case of the assessee and the long-term capital gain was to be computed accordingly. The assessee contended that the Circle Rate is for vacant building whereas in the case of the assessee buildi...