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2013 (9) TMI 153 - AT - Income TaxValuation u/s 50C - determined by the Stamp Valuation Authority is higher than the sale consideration declared by the assessee. - Held that:- There is no merits in assessee's claim of undue hardships being caused to the taxpayers unless a tolerance band is read into the provisions of the section 50C and unless suitable adjustments are required to be made for long time gap between the date of agreement and actual sales. When a provision for tolerance band is not prescribed in the statute, it cannot be open to us to read the same into the statutory provisions of section 50 C- no matter howsoever desirable such a provision be, even if that be so. - Decision in the case of Smt. Tarulata Shyam v. CIT [1977 (4) TMI 3 - SUPREME Court] followed. The safeguard built in section 50C does envisage a situation that whenever assessee claims that the fair market value of the property is less than the stamp duty valuation of the property, a reference can be made to the Departmental Valuation Officer and all these issues relating to valuation of the property - either on the issue of allowing a reasonable margin for market variations, or on the issue of making adjustments for agreements having been entered long ago, can be taken up, before the Departmental Valuation Officer and, therefore, subsequent appellate forums as well. The inherent flexibility in this course of action come to the rescue of the assessee particularly in the case of marginal differences but then instead of the assessee decided to question very application of Section 50C something which we find to be devoid' of legally sustainable merits - Decided against assessee.
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