TMI Blog2014 (2) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... ad 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. - ITA Nos. 327/JU/2013 - - - Dated:- 31-10-2013 - HARI OM MARATHA AND N.K.SAINI, JJ. For the Appellant : R.H. Gohel ORDER:- PER : HARI OM MARATHA This appeal filed by the depart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dered by the registrar for property No 1, treating that value as proper and fair market value as on the date of transfer considering the provisions of section 50C(2). During the course of assessment u/s 143(3) the assessee has brought to the notice of AO that the value adopted by the stamp valuation authority for property No. 2 has been disputed and challenged so provision of section 50C (1) were not applicable for this property. Further the assessee has made his claim before the AO that the value adopted or assessed (or assessable) by the stamp valuation authority u/s (1) exceed the fair market value of the property as on the date of transfer. The AO has not considered the objection of assessee and has recomputed the long term capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of property No. 1 has to be treated as fair market value of the property No. 2. When the assessee disputed the adoption of a particular value of the property adopted u/s 50C(1) of the Act, provisions of section 50C(2) come into play and acts as a buffer between the two. It seems that the A.O. has not considered and appreciated the provisions of section 50C of the Act in its correct perspective. As per section 50C of the Act, 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 author ..... X X X X Extracts X X X X X X X X Extracts X X X X
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