Allowing the appeal of the assessee the Court held that, provision of section 50C only enables revenue to adopt Guidance Value declared by State for payment of stamp duty as Fair Market Value under section 48, but, that Guidance Value cannot, ipso facto, be taken as valuation for purpose of computing Capital Gains Tax liability in hands of assessee/seller. S. 50C(2)  itself provides for reference to Departmental Valuation Officer (DVO) if assessee objects to invoking of section 50C (1). However an assessee cannot be denied an opportunity to raise his objections even against presumptive Fair Market Value under section 50C (1) or report of DVO under section 50C (2) and Assessing Authority or Appellate Authorities, whose powers are co-extensive with those of Assessing Authority, cannot refuse to meet those objections point by point.  Accordingly the matter was remanded to the Assessing Officer to pass the order after considering the objections of the assessee.  (AY. 2012-13)