| COURT: | ITAT Mumbai |
| CORAM: | I. P. Bansal (JM), R. C, R. C. Sharma (AM) |
| SECTION(S): | 50C |
| GENRE: | Domestic Tax |
| CATCH WORDS: | DVO's valuation report, stamp duty valuation |
| COUNSEL: | Usha Dalal, Y. P. Trivedi |
| DATE: | October 31, 2014 (Date of pronouncement) |
| DATE: | November 3, 2014 (Date of publication) |
| AY: | 2009-10 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 50C(2): Reference to DVO cannot be made if assessee has challenged the valuation by the stamp authorities and even if the said challenge is dismissed on ground that as purchaser paid the duty, assessee had no locus standi to challenge stamp valuation | |
The mandate of section 50C is clear and the sale consideration shall be deemed to be the value adopted or assessed by the Stamp Valuation Authority. The only exception provided is that firstly the assessee should claim before AO that …
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