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2017 (5) TMI 1151 - AT - Income TaxCapital gain computation - whether the “fair market value of the property” can be substituted in place of “full value of consideration” in section 48? - Held that:- Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp valuation authorities. If the property in question has been sold through registered sale deed and the value adopted or assessed by the stamp valuation authority is higher than the value declared by the assessee in the return of income, the provisions of Section 50C of the Act are clearly applicable. If the sale transaction in question is not registered with stamp value authorities, then full value of consideration has to be accepted as declared by the assessee following the decision in the case of Quark Media House (India) Pvt. Ltd. (2017 (1) TMI 1290 - PUNJAB AND HARYANA HIGH COURT). Since this issue has not been properly verified by the learned CIT(A) while holding that the provisions of Section 50C of the Act are not applicable in the case, we feel it appropriate to restore the issue to the file of the Assessing Officer to examine the issue afresh. - Decided in favour of assessee for statistical purposes.
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