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2014 (3) TMI 506 - ITAT HYDERABADValuation of property - Addition made on the basis of the value of the property adopted by the SR for stamp duty purposes – Held that:- The factors cannot be acted upon by the authorities for the reason that section 50C is a deeming section - Any relief granted to the assessee must be on the basis of a reason - The reason must be within the four corners of the law - Whatever may be the problems suffered by an assessee, in reality, those reasons cannot be permitted to go beyond the scope of section 50C - When section 50C says that the sale consideration shall be the guidelines value, if the stated consideration is less than that, it means the law has already decided the course of action - Nothing can persuade the situation including the genuine and valid difficulties of an assessee. It is to alleviate the difficulties of an assessee that a provision for reference to DVO is given in the section - while considering the report of the DVO and other such factors to interfere in the valuation of the property, it is not permissible for the appellate authorities to consider personal and individual reasons - The relief granted by the appellate authority should be on the basis of apparent features of the property - The misfortunes happened to the assessee or the difficulties faced by the assessee or the matter of distress sale, etc. cannot be a ground to modify the valuation - If such extraneous factors are relied upon, the deeming provision of law stated in section 50C of the Act would be contravened – the order of the CIT(A) set aside – Decided in favour of Revenue.
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