On Revenue’s appeal, the Tribunal held that the assessee brought on record the complexities involved in the sale of property and the reasons for getting a lesser rate and therefore, the Ld. AO should have referred the valuation of the property to the DVO as per section 50C(2) of the Act. Since proper procedure has not been followed, the Tribunal remitted the matter back to the Ld. AO to make a reference to the DVO for determination of FMV of the property. (AY. 2012-13)
ACIT v. Kishore Kumar (2018) 66 ITR 158 (Vishakha)(Trib.)
S. 50C : Capital gains – Full value of consideration – Stamp Duty Valuation – Where the assessee explained the reasons for fetching a lesser rate on sale of immovable property as compared to the Stamp Duty Valuation, the AO should have remitted the matter to the DVO for determination of the FMV of the immovable property. [S. 45]