Harphool Jat v. ITO (2018) 66 ITR 7(SN)(Jaipur)(Trib)

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Disputed valuation adopted by stamp duty authorities before AO – AO is required to refer the matter of valuation to Valuation Officer.[ S.45 ]

Tribunal held that in terms of section 50C(2)(a) of the Act, where the Assessee has objected that the stamp duty valuation exceeds the FMV of the property on date of transfer, AO is required to refer the matter to Valuation Officer. Accordingly, the Tribunal remanded the matter to AO for referring the matter to Valuation Officer and recomputes the capital gains. (ITA No. 1080/JP/2016 dt. 06/07/2018) (AY. 2008-09)