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2010 (12) TMI 618 - AT - Income TaxAddition u/s 50C - Date of sale agreement versus date of execution / completion of sales agreement - This section provides for adoption of value assessed/determined by the Stamp valuation authority for the purpose of payment of stamp duty (hereinafter "stamp duty value"), if the sale consideration disclosed in the sale deed is less than the stamp duty value - Section 50C was inserted by the Finance act 2002 w.e.f. 1.4.2003 - Held that:- since the value of the property declared by the assessee as on the date of sale agreement is higher than the value shown in the certificate issued by the Joint Sub Registrar, Visakhapatnam, regarding market value of the impugned property as on the date of the sale agreements, the value declared by the assessee is to be adopted for computing the capital gain. Therefore, no addition is called for - Decided in favour of assessee.
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