Assessing Officer bound to accept value determined by Valuation Officer, if lower than stamp duty valuation, as per Sec. 50C.

Assessing Officer bound to accept value determined by Valuation Officer, if lower than stamp duty valuation, as per Sec. 50C r.w.s 16A of Wealth Tax Act; Assessee contended for higher rebate over market value due to irregular shape of plot transferred; ITAT rejects assessee’s contention for further reduction in the value determined by Valuation Officer u/s 50C(3);Since in assessee’s case, value determined by Valuation Officer was less than stamp-duty valuation, AO bound to adopt the same : Dr.Yashpal Agarwal (Delhi ITAT)

Note : Chennai ITAT in case of MIL Industries held that the appellate authorities have power to reject DVO’s valuation for determining deemed valuation u/s 50C. ITAT also held that relief can be granted by the appellate authorities based on apparent feature of the property.