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2018 (1) TMI 859 - AT - Income TaxComputation of capital gain - substitute the fair market value in place of the full value of consideration received/accrued - applicability of section 50C - Held that:- Provisions of section 50C are not applicable in the case of the assessee as the capital asset involved here was not land or building but it is a right to purchase a building (shop). Further, the Revenue Authorities has also not brought on record whether the transfer of the property was registered with the Stamp Valuation Authority. Since in the case provisions of section 50C are not applicable, the provisions of section 48 of the Act would be applicable and as observed by us in earlier paras that full value consideration received cannot be substituted by the fair market value determined by the DVO as held in the various decisions cited above, we set aside the finding of the lower authorities on the issue in dispute and delete the addition made by the Assessing Officer. - Decided in favour of assessee.
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