2015 (11) TMI 1571

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..... hat:- The hon’ble Allahabad high court in case of CIT Vs. Dr. Indra Swaroop Bhatnagar Income [2013 (2) TMI 456 - ALLAHABAD HIGH COURT ] holds that a DVO’s valuation u/s. 50C(2) binds an Assessing Officer/Revenue. No case law to the contrary is referred in the course of hearing. We find no fault with the lower appellate order in these facts and circumstances. The CIT(A)’s action in restricting the .....

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..... from sale of land sold to ₹ 24,15,000/- as determined by the DVO in his report submitted before CIT(A). Facts of the case are in a narrow compass. The assessee sold his lands in Sur. No. 602, 686, 688 and 689 at Adajan, Surat city for ₹ 16 lacs. Its stamp value/jantri price was ₹ 2,33,70,600/- as determined by the stamp valuation authorities. The Assessing Officer accordingly re .....

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..... /- based on jantri price of the land sold instead of DVO s valuation determining the same to be of ₹ 24,15,000/- (supra). The hon ble Allahabad high court in case of CIT Vs. Dr. Indra Swaroop Bhatnagar Income Tax Appeal No. 97 of 2008 decided on 29-09- 2011 holds that a DVO s valuation u/s. 50C(2) binds an Assessing Officer/Revenue. No case law to the contrary is referred in the course of he .....

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