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2018 (12) TMI 759 - AT - Income TaxAddition by applying the provisions of section 50C - difference between the actual sale consideration and the stamp value/value determined by the DVO - Held that:- On a careful circumspection of section 50C, which is a deeming provision and provides for substituting the sale consideration with the stamp value or the value as determined by the DVO, as the case may be, as the full value of consideration for the purpose of calculating capital gains, there can be no warrant for ignoring the stamp value/value determined by the DVO etc. In case the difference between the actual sale consideration and the stamp value/value determined by the DVO is less than a certain specified percentage. Invariably, the stamp value or the value determined by the DVO etc. will have to be substituted with the sale consideration as the full value of consideration, even if the later is a rupee less than the former. Adverting to the facts of the extant case, it is found that DVO, in all fairness, scaled down the fair market value of the plot at ₹ 46,96,400/- as against stamp value of ₹ 56,19,000/- after taking into consideration the cumulative effect of all the relevant factors and entertaining the objections taken by ld. AR. In view of foregoing facts the argument of the AR to the effect of ignoring the value determined by the DVO and taking the actual sale consideration as full value of consideration, when the former is more than the later, deserves to be and is hereby jettisoned. I, ergo, uphold the impugned order. - Decided against assessee.
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