Section 50C(3) — the law in short
What the courts have decided on section 50C(3), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Vaishali Urvesh Mehta v Assessment Unit (ITAT Surat) — having asked for the reference under section 50C(2), the assessee cannot reject the Valuation Officer's report
ITATHelps departmentNo later treatment found
I objected to the stamp duty value, the Assessing Officer referred the matter and the Valuation Officer came back with a figure well above my sale price, though below the stamp value. Can I now attack the report and fall back on my declared consideration?
Not on a general objection. The Tribunal held that once the assessee herself disputed the stamp valuation and asked for a reference, and the Assessing Officer made it, the procedure under section 50C(2) was duly followed; section 50C(3) then provides that the value determined by the Valuation Officer 'shall' be taken as the full value of consideration, and the word 'shall' makes it mandatory for the officer to adopt it. The assessee cannot request a reference and then ask for the resulting valuation to be rejected because it came out higher than her own figure.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
