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2010 (4) TMI 290 - HC - Income TaxValuation of immovable property – application of section 50C(1) - The Tribunal has reached the conclusion that one of the requirements for invoking Section 50C(1) of the Act is that the consideration declared by the assessee with regard to purchase of immovable property should be lower than the value adopted and assessed by the Stamp Valuation Authority. On facts it was found that the consideration amount declared by the assessee in the sale deed has been duly accepted by the Stamp Valuation Authority and was not lower than the value assessed by the Stamp Valuation Authority, therefore, Section 50C(1) of the Act could not have been invoked. – Held that: - the conclusions recorded by the Tribunal is un-exceptionable and it does not suffer from any legal infirmity warranting admission of the appeal - , Hon’ble the Supreme Court in the case of K.P. Verghese 1981 (9) TMI 1 - SUPREME Court, has held that in order to justify the impugned condition there has to be some evidence to show that the amount actually received was more than the amount shown in the transfer deed which was presented for registration. There has been no evidence produced on record to that effect – revenue appeal dismissed
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