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.
