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TMI Blog2010 (6) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... en filed by the assessee against the order of the CIT(A) dated 14.10.2008. 2. Ground nos.1 to 3 since not pressed stand dismissed as not pressed. 3. The only ground which remains for adjudication reads as under :- That the Assessing Officer had been wrong and illegal in not referring the matter of valuation of Fair Market Value of the property to the Valuation Cell Unit particularly in v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale consideration to be taken at ₹ 53,01,000/- as per provisions of section 50C of the Act. 5. Ld. A.R. before us relied on the decision of the Jodhpur Bench in the case of Meghraj Baid vs. ITO, 114 TTJ (Jd.) 841 for the proposition of law that in case the A.O. did not agree with the explanation of the assessee with regard to the lower consideration disclosed by him, he should have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is ₹ 53,01,000/- but the assessee has shown the apparent consideration as per the sale deed at ₹ 3,52,200/-. The assessee has disputed before the A.O. that stamp valuation to be taken to be the sale consideration. In this regard, the assessee submitted the report of the Registered Valuer, copy of which was also filed before us, who has estimated the fair market value on the date of sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay used in this sub-section signifies that in case learned AO is not satisfied with the explanation of the assessee, he should refer the matter to the DVO for the mentioned purpose. Learned Authorised Representative has relied on the decision of the Hon ble Supreme Court rendered in the case of Ashok Leyland Limted vs. Union of India Ors. (1997) 105 STC 152 (SC) wherein it has been held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. 8. Respectfully following the aforesaid decision, we set aside the order of the CIT(A) and restore this issue back to the file of the A.O. with the direction that the A.O. shall refer this matter for valuation to the D.V.O. for determining consideration of the asset sold by the assessee under section 50C of the Act. 9. In the result, appeal filed by the assessee is allowed for statistica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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