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TMI Blog2024 (8) TMI 549X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to the total income of the assessee HELD THAT:- We are of the view that 3rd proviso to section 56(2)(vii)(b)(ii) contemplates that in case, an assessee disputes the valuation of the property for the purpose of charging stamp duty, then, as contemplated in sub-section (2) of section 50C, AO will make a reference to the DVO for determining the fair market value of the property. Once assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o set aside both the impugned orders and restore this issue to the file of ld. AO for re-adjudication. AO shall call for a report from the DVO and thereafter determine the alleged purchase consideration in the hands of the assessee for the purpose of section 56(2)(vii)(b)(ii) - Appeal of the assessee is allowed for statistical purposes. - Shri Rajpal Yadav, Vice-President (KZ) And Shri Rajesh Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revealed that the assessee had purchased a property whose value for the purpose of stamp duty valuation was determined at Rs. 1,20,78,000/-. The assessee has disclosed the purchase price at Rs. 61,97,768/-. The ld. Assessing Officer took the purchase value equivalent to the amount on which stamp duty was paid. Hence the difference between the stamp duty valuation, (namely Rs. 1,20,78,000/- minus a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the property. This proviso reads as under:- Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en realized that the fair market value of the property ought to be determined for the purpose of determining its purchase cost in the hands of assessee, then, the reference to the DVO ought to have been made. Considering the above, we deem it appropriate to set aside both the impugned orders and restore this issue to the file of ld. Assessing Officer for re-adjudication. The ld. Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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