Assessee purchased a plot of land jointly at a purchase price of Rs. 8,15,000/-and later sold said plot for a consideration of Rs. 2,15,00,000/.  Assessing Officer initiated re-assessment proceedings on basis of findings by Assessing Officer in case of co-owner wherein sale value of property was taken at Rs. 4,98,83,550/-as determined by Stamp Duty Authorities. On appeal, Commissioner (Appeals) allowed appeal of assessee holding that when assessee had objected to taking Jantri value as adopted by Stamp valuation officer, correct course of action by assessing officer should have been to refer matter to DVO for his expert opinion on matter, as per specific provisions of sub Section 2 of Section 50C. On appeal the Tribunal held that  once assessee objects to value of property proposed to be adopted by Assessing Officer, then assessing officer was duty bound to refer matter to DVO in terms of Section 50C(2). Order of CIT(A) is affirmed.(AY. 2012-13)