Section 50C(2) shall be invoked if adoption of stamp duty valuation is objected

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 that stamp valua...