INCOME TAX

[aranparaca]

DEPARTMENT HAS ISSUE NOTICE U/S. 50 C, I WILL SUBMITTED ALL THE DOCUMENT AS DEPARTMENT ASK, AFTER THAT DEPARTMENT HAS ISSUE NOTICE U/S. 148 ON REPLY I WILL SUBMITTED ALL THE DOCUMENT AND ALSO FILE REVISED RETURN U/S. 148. NOW OFFICER OF THE WARD IS TRANSFER AND NEW OFFICER IS COME HE TOLD ME THAT HE WILL ISSUE A NEW NOTICE REGARDING THIS AND ALSO ASKING ABOUT VALUATION OF PROPERTY

PROPERTY IS PURCHASE RS. 704550/-[INCLUDING STAMPING AND REGISTRATION CHARGES] YEAR OF PURCHASE 1998
SALE OF PROPERTY RS. 490000/- ,[VALUATION OF PROPERTY U/S 50 C RS. 743893/-] YEAR OF SALE 2006.

IF PROPERTY IS REVALUED THAN WHAT AMOUNT OF PROPERTY IS CONSIDER FOR THE PURPOSE OF CAPITAL GAIN A VALUE PROVIDED BY STAMP DUTY AUTHORITY OR VALUATION OFFICER ? WHO CAN GET VALUATION CERTIFICATE OF PROPERTY ? CAN I GO TO TRIBUNAL FOR THIS?

IT'S URGENT

[satyanveshi]

Even if DVO gives more value than stamp valuation authority, then also AO is bound to adopt the value as per stamp valuation authority only as per sec. 50C(3) of IT Act and this view was reinforced in the decisions reported in 53 SOT 539 and 53 SOT 378. Even if AO didnot agree with these decisions, I hope, you can argue by quoting the provisions of sec. 50C(3) and you  will get relief, if not by the AO, but atleast before appellate authorities. Wishing you all the best and  test your luck......................................