- 50C is a deeming provision and the AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee, the assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT(A) and the Tribunal. The DVO has to be given an opportunity of hearing.( ITA No. 2107/Ahd/17, dt. 01.04.2019).(AY. 2013-14)
Lovy Ranka v. DCIT ( 2019) 177 DTR 273/199 TTJ 670(Ahd)(Trib), www.itatonline.org
S. 50C : Capital gains-Full value of consideration- Stamp valuation- AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee -The assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT(A) and the Tribunal- The DVO has to be given an opportunity of hearing. [ S.45 ]