Question ID :
My Client has sold his residential House at a price in accordance with Stamp valuation Price . The entire sale consideration has received with banking mode . The AO has asked that why not matter to be refer for Valuation as in his opinion (without any evidences) the Sell Price is far below of FMV . He has asked to us whether you have any objection for valuation .
What should we do . Pl. advise with relevant section and case law if possible .
Answer ID :
Nov 09, 2019
As per Sec 50C(2) where the assessee claims before any AO that the value adopted by stamp value authorities exceeds FMV OR the value assessed by stamp value authorities has not been disputed in any appeal or revision or no reference has been made before any authority, court or High Court, he may refer it to a valuation officer. hence under the second limb of the section, he has powers to refer it to a valuation officer
D SANTHANAM on
Nov 14, 2019