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2010 (3) TMI 813 - HC - Income TaxReference to Valuation officer - A perusal therefore reveals that under section 50C the value adopted by stamp valuation authority or assessed for the purpose of section 48, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer - Section 50C is a measure provided to bridge the gap as it was found that assessees were not correctly declaring the full value of the consideration or in other words resorting to the practice of undervaluation - It is not the case of the petitioner that the valuation could not have been done under the provisions of the Bombay Stamp Act, 1958 and/or that the Collector acted contrary to law in levying stamp duty under Schedule I article 5(ga) - Petition is dismissed
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