Assessee declared short-term capital gain arising from sale of flat. AO adopted the stamp valuation as deemed consideration. CIT (A) up held the order of the AO. On appeal the Tribunal held that where assessee objects to adoption of stamp duty value as deemed sale consideration, AO is duty  bound to make a reference to DVO under sub-section (2) for determining value of property and thereafter proceed to compute capital gains by following provisions of sub-section (3) of section 50C  of the Act. Accordingly the  matter remanded back for disposal afresh. (AY. 2011-12)