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2011 (4) TMI 940 - AT - Income TaxValuation of property - Value of stamp valuation authority found higher than the sale consideration disclosed by the assessees - Reference made to valuation officer - CIT(A) directed AO to adopt the sale consideration as per the valuation report of the DVO in the case of Kum. Rajini Venugopal & sale consideration as admitted by the assessee in her return of income in the case of Ms. Kumudhini Venugopal - Held that:- Considering the fact that the DVO has valued the property much lower than the value fixed by the stamp valuation authority, shows that the claim of the assessee is true and correct and the provisions of section 50C(1) would have to be read with section 50C(2) and the value as arrived at as per the provisions of section 50C(2) would have to be adopted in the case of Kum. Ranjini Venugopal. In the case of Ms. Kumudini Venugopal, it is noticed that the sale agreement in respect of the property has not been registered. Consequently, the provisions of section 50C would not apply. Under these circumstances, we are of the view that the findings as arrived at by the CIT(Appeals) is on a right footing and both the appeals of the Revenue are dismissed.
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