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2017 (12) TMI 742 - AT - Income TaxDetermination of long term capital gain - applicability of provisions of 50C - Held that:- Provisions of Section 50C(2)(a) provides an option for the assessee of fair market value instead of valuation adopted for stamp purposes where stamp valuation exceeds the fair market value. On a bare reading of the provisions of the said section, it is evident that the alternative left with the Assessing Officer to refer the matter at the most to the valuation officer which has not been done and the property was in dispute and was the subject matter of litigation and therefore, the property has been sold at market value. Accordingly, we find no defect in the submissions of the counsel for the assessee Reliance placed on the decision of the ITAT in the case of Aditya Narain Verma [2017 (6) TMI 542 - ITAT DELHI ], all the grounds raised by the assessee are allowed and the remaining grounds of the assessee for the purpose of capital gain are also decided in favour of the assessee.
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