Assessee sold a land and showed short-term capital gain of certain amount. Assessing Officer held that\u00a0\u00a0 Stamp Duty Value (SDV) of land as per section 50C was at much higher price than what was shown by assessee and, accordingly, he made addition on account of such difference in value of land. Held that since assessee had\u00a0 objected to adoption of SDV as full value consideration in terms of section 50C(2), Assessing Officer was duty bound to refer valuation of land to DVO for determination of fair market value (FMV) of land for ascertaining capital gains and only after getting FMV determined by DVO, Assessing Officer ought to have computed capital gain. Matter remanded for referring the valuation of property to the DVO\u00a0 for determination of the fair market value\u00a0 as per section 50C(2) of the Act, after giving a reasonable opportunity to the appellant. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation-land sold-Objection for valuing as per stamp valuation-Reference to DVO-Assessing Officer was duty bound to refer valuation of said land to Departmental Valuation Officer. [S. 45, 50C(2)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34266","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8UG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34266"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34266\/revisions"}],"predecessor-version":[{"id":34267,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34266\/revisions\/34267"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}