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2018 (7) TMI 2218 - AT - Income TaxComputation of capital gain - Determination of value as per 50C - disallowing the FMV as on 01- 04-1081 and estimating the FMV - as argued there was no reference regarding the valuation of the property by the Sub-Registrar, Jaipur to any of the higher authorities - HELD THAT:- In this case, we find that the assessee has sold the part of the agricultural land for ₹ 10.00 lacs which was the value adopted by the Sub-Registrar, Jaipur. In assessee's case, there was no reference regarding the valuation of the property by the Sub-Registrar, Jaipur to any of the higher authorities. The addition is based on the Collector (Stamps) valuation in the case of three bothers of the assessee. In assessee's case the sale consideration of ₹ 10 lacs was accepted by Sub-Registrar -IV, Jaipur. Thus there was no enhancement in assessee's case rather there is no reference to the Collector (Stamps) in assessee's case. It is a settled position of law that Section 50C is a deeming provision and such provisions cannot be invoked when there was no difference in sale consideration declared and value adopted by Registrar or where no reference for valuating full value of consideration of property to Collector (Stamps). It is pertinent to mention that assessee had sold the land on prevailing DLC rate and Sub-Registrar-IV, Jaipur has adopted the same while registering the documents. Therefore, the addition made invoking the provisions of Section 50C of the Act is not as per law. In this view of the matter, the addition made is deleted. - Decided in favour of assessee.
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