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Section 50C(2) shall be invoked if adoption of stamp duty valuation is objected
Case Law Details
- Case Name
- Aavishkar Film Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Aavishkar Film Pvt. Ltd. Vs ITO (ITAT Mumbai)
Conclusion:Where the assessee objects to the adoption of stamp duty valuation as deemed sale consideration during the assessment proceedings, the Assessing Officer is duty bound to make a reference to the DVO.
Held: In present facts of the case the assessee filed its return Rs. 12,94,930/-. The AO during assessment noticed that in the previous year relevant to the assessment year under dispute, the assessee has sold a flat for consideration of Rs. 1.75 crore. After examining the registered sale deed, the Assessing Officer noticed...
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