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Valuation u/s 50C should be Preferably handed to the Valuation Officer in the event of dispute
Case Law Details
- Case Name
- Masud Ahmed Qureshi Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
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Brief of the Case: In the case of Masud Ahmed Qureshi v ITO it was held by ITAT Pune that whenever, there is a dispute regarding the valuation u/s 50C, it would be better to refer the matter to the Valuation Officer so that the proper report could be furnished regarding it.
Facts of the case: The ld. AO noted that the assessee had purchased agricultural land Rs.4,10,000/- on 30-10-2000 which he sold for Rs.5 lakhs on 08-05-2007. On verification of the aforesaid sale deed, it was noticed that the market value of the said property for the purpose of stamp duty was Rs.60,80,000 which was ch...
