Section 50(C)(2): If taxpayer objects to valuation, AO must refer valuation to valuation officer

Rakhmabai Mhatre Mukkam Bhalgaon Vs ITO (ITAT Mumbai) Background: Rakhmabai Mhatre Mukkam Bhalgaon, the appellant, challenged the appellate order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2011-12. The appellant disagreed with the assessment order by the Income Tax Officer (ITO) under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (the Act), which computed the total income as Rs.33,40,374/-. The appeal primarily contested the addition made on account of capital gains under section 50C of the Act. Appellant’s Arguments: The appellant argued tha...