TMI Blog2008 (4) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... omputing the capital gain. The purpose of s. 50C is that the property, which is under transfer from the assessee to another person, should have been assessed at higher value for stamp valuation purpose than that received by the assessee. Since the stamp valuation authority had accepted the consideration declared by the assessee in sale deed, there is no question of once again referring the matter to the DVO. Accordingly, we allow the ground taken by the assessee. In the result, the appeal of the assessee is allowed. - A.D. JAIN, JUDICIAL MEMBER AND CHANDRA POOJARI, ACCOUNTANT MEMBER For the Appellant : K. R. Jain For the Respondent : Tarsem Lal ORDER CHANDRA POOJARI, ACCOUNTANT MEMBER 1. This appeal by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l asset, being land or building or both, is less than the value adopted or assessed by any authority of a State Government (hereinafter in this section referred to as the 'Stamp valuation authority' for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of Section 48, be deemed to, be the full value of the consideration received or accruing as a result of such transfer. It is observed that Section 50C by the Finance Act, 2002 came into force w.e.f. 1st April, 2003. Clause 24 of the Finance Bill as per Notes on Clauses states that the insertion of this provision is to provide for a special provision for the full value of consideration in certain cases. It has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fer and he has not disputed the value so adopted or assessed in. any appeal or revision or reference before any authority or Court the AO may refer the valuation of the relevant asset to a Valuation Officer in accordance with Section 55A of the IT Act. If the fair market value determined by the Valuation Officer is less than the value adopted for stamp duty purposes, the AO may take such fair market value to be full value of consideration. However, if the fair market value determined by the Valuation Officer is more than the value adopted or assessed for stamp duty purposes, the AO shall not adopt such fair market value and will take the full value of consideration to be the value adopted or assessed for stamp duty purposes. It is also p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority has to be substituted with the sale consideration of such property mentioned in the sale deed. In the present case, the property registered at particular rate, which is adopted for registration purpose and there is no question of replacing the valuation adopted by the stamp valuation authority with the DVO for the purpose of computing the capital gain. The purpose of Section 50C is that the property, which is under transfer from the assessee to another person, should have been assessed at higher value for stamp valuation purpose than that received by the assessee. Since the stamp valuation authority had accepted the consideration declared by the assessee in sale deed, there is no question of once again referring the matter to the DVO. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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