Section 50c

" Whenever objection is taken or claim is made before AO, that the value adopted or assessed or assessable by the Stamp Valuation Authority under sub-section (1) of Section 50-C exceeds the fair market value of the property on the date of transfer, the AO has to apply his mind on the validity of the objection of the assessee. He may either accept the valuation of the property on the basis of the report of the approved valuer filed by the assessee, or invite objection from the department and refer the question of valuation of the capital asset to DVO in accordance with Section 55-A of the Act. In all these events, AO has to record valid reasons, which are justifiable in law. He is not required to adopt an evasive approach of applying deeming provision without deciding the objection or to refer the matter to the DVO u/s 55-A of the Act as a matter of course, without considering the report of approved valuer submitted by assessee. In all such cases, the reasons recorded by the AO may be questioned by the assessee or the department as the case may be. Matter is remanded to AO, to decide the valuation of the capital asset in accordance with law as explained in this judgement.

(See 2013-TIOL-704-HC-ALL-IT)

sir, this case is remanded back to AO. have their any judgement in favour of Assessee?

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