Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 216 - AT - Income TaxAddition as short term capital gain by invoking the provisions of section 50C - determination of market value of asset as on the date of sale by the DVO - difference between the declared sale consideration and the value determined by the DVO - HELD THAT:- In the facts of the present case, admittedly, after determination of market value of asset as on the date of sale by the DVO, the difference between the declared sale consideration and the market value is within the range of 5%, as referred to, in third proviso to section 50C(1) of the Act. This, being a beneficial provision, in our considered opinion, the benefit provided under the third proviso to section 50C(1) of the Act, should be extended to the assessee, as, ultimately the value determined by the Stamp Valuation Authority has been substituted by DVO's valuation in terms of sub-section (3) of section 50C of the Act. Thus, in our considered opinion, the addition towards short term capital gain needs to be deleted. Accordingly, we delete the same.
|