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2014 (2) TMI 834 - AT - Income TaxAdoption of amount as valuation of the second property – Valuation of property u/s 50C(2) of the Act - The AO has not considered and appreciated the provisions of section 50C of the Act in its correct perspective - the value adopted or assessed by any authority of a state government for the purpose of payment of stamp in respect of land or building or both, shall for the purpose of section 48 be deemed to be the full value of the consideration received or accruing as a result of transfer - The value adopted by stamp duty authority does not ipso facto become the real consideration or deemed consideration in the absence of any other cogent reason - the assessee had disputed the value adopted by the stamp duty authority, therefore, provisions of section 50C(1) are not applicable at the time of filing of return deduction or at the time assessment of income by the AO - the construction was got done by assessee's father and not by him - the construction was completed earlier but official permission was granted in that area was granted later on by clearance of the issue related to permission of construction in the area situated nearby lakes in Udaipur – the order of the CIT(A) upheld – Decided against Revenue.
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