Tribunal held that, assessee neither objected to value determined by Sub-Registrar nor requested the AO for referring to Valuation Officer. Accordingly the AO was justified in bringing to tax deemed sale consideration as per the Stamp duty authority instead of the actual sale consideration claimed by assessee . Tribunal also held that AO can not invoke provisions of S. 50C(2) suo motu. ( AY. 2006 -07 , 2008-09)
Jagdish Narayan Sharma v ITO ( 2018) 65 ITR 194 / 194 TTJ 825/(2019) 174 DTR 25 (Jaipur) (Trib)
S. 50C : Capital gains – Full value of consideration – Stamp valuation – Assessee neither objected to value determined by Sub-Registrar nor requested the AO for referring to Valuation Officer – AO was justified in bringing to tax deemed sale consideration as per the Stamp duty authority instead of the actual sale consideration claimed by assessee- AO can not invoke provisions of S. 50C(2) suo motu.[ S.45 , 50C(2) ]