2010 (1) TMI 863

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..... o assessment year 2004-05. 2. Ground no.2 is against confirming u/s 50C of Rs. 47,54,000/- towards flat and Rs. 2,34,500/- towards garage in place of Rs. 17,00,000/- and Rs.1,00,000/- declared by the assessee. 2.1 Ground no.3 is against in confirming the addition of Rs. 3 lacs towards estimated sale consideration for furniture. Both these grounds are interconnected. 3. It was submitted by the l .....

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..... to examine the applicability of section 50. It was further submitted that if the AO find that provisions of sec. 50C are applicable then the matter has to be referred to DVO as the assesses has objected the valuation made by the AO. On this proposition, the ld DR did not object the contentions of the ld counsel of the assessee. 4. In view of these facts and circumstances, we restore this issue to .....

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