disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property ... meaning assigned to it in the Explanation 2 to sub-section (2) of section 50C; (b) "fair market value" of a property, other than
would be pertinent to refer to Sections 50C(1) , 50C(2) and 50C(3) :
50C. Special provision for fuil value of consideration in certain cases ... section (1) and Sub-sections (6) and (7) of Section 23A, Sub-section (5) of Section 24 , Section 34AA, Section 35 and Section
section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24 , section 34AA, section 35 and section ... whereas, the authorities below referred to Section 50C(1) of the Act alone without adverting to Section 50C(2) of the Act.
6. A reading
refer to DVO for valuation of a capital
asset u/s Section 50C(2) of the Income Tax Act, 1961in the peculiar facts ... section 50C of the Act, it is
considered expedient to have a look over the provisions of the said section.
Sub-section (2) clearly mandates
under sub section (1) of Section 16A of the W.T. Act. Section 16A(6) which is also
incorporated in section 50C ... word 'shall' in section 50(2) while
incorporating the section of W.T. Act in section 50C(2) and also in subsection
property to the Valuation Cell of the
Department under section 50C(2) of the Act was not accepted and the
order passed by the authorities ... case to refer the
matter for valuation under section 50C(2) of the Act to the Valuation
Officer as requested by the assessee and accordingly
u/s Section
50C without mandatorily referring the matter to the DVO (Departmental Valuation
Officer) as per procedure laid down under section 50C(2 ... under section 92CA(2) of the
Act, the information and documents (as prescribed under section 92D of
the Act read with Rule
u/s Section
50C without mandatorily referring the matter to the DVO (Departmental Valuation
Officer) as per procedure laid down under section 50C(2 ... under section 92CA(2) of the
Act, the information and documents (as prescribed under section 92D of
the Act read with Rule
market value under section 50C(1) ,
Assessing Officer should have referred valuation of capital asset to Valuation
Officer under section 50C(2) - Held ... section 50C cannot be applied in such a
scenario.
16. It is submitted that Section 50C cannot be applied in an automatic manner. Section 50C
market value under section 50C(1) ,
Assessing Officer should have referred valuation of capital asset to Valuation
Officer under section 50C(2) - Held ... section 50C cannot be applied in such a
scenario.
16. It is submitted that Section 50C cannot be applied in an automatic manner. Section 50C
