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2011 (7) TMI 421 - ITAT DELHIValuation under section 142A - Determination of fair market value of the investment - It is a settled law that in a case where there is clash between two provision dealing with the same subject and in the same statute, the specific provisions will override the general provisions. Provisions of section 50C are specific provisions for determination of 'full value of consideration' in respect land or building or both and therefore, they will override provisions of section 55A of the Act - It is clear that provisions of section 142A of the Act are applicable for valuation of investments - For the purpose of computation of capital gains, stamp duty valuation has to be taken as full value of the consideration - Therefore, the Assessing Officer was not justified in making reference to the valuation cell under section 142A of the Act as the reference is to be made for the purpose of determination of fair market value of the investment covered under section 69, 69A and 69B of the Act and not for the purpose of computation of capital gains u/s 48 of the Act. Addition of Rs. 24,98,600 on the basis of DVO's report - As per provisions of section 50C the "full value of consideration" in the absence of any material to show that under-hand money had been passed, has to be taken as per stamp valuation authority - Therefore, if the sale has been made at the rates prescribed by the stamp valuation authority, no addition can be made - However, if sale has been made at lower value than the value prescribed by stamp valuation authority for the purpose of stamp duty, the Assessing Officer will adopt the valuation as per Stamp Duty Act - Therefore, direct the Assessing Officer to adopt the full value of consideration, as per provisions of section 50C of the Act - Decided in favour of assessee.
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