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2016 (4) TMI 480

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..... rting to the provisions of sub-section (1) of section 50C of the Act is that the land or building should have been transferred for a lesser consideration than that adopted or assessed or assessable by the stamp valuation authority. Adverting to the facts of the present case, undisputedly the valuation made by the assessee exceeds the value adopted by the stamp valuation authority. The condition precedent for invoking sub-section (1) of section 50C of the Act is, therefore, clearly not satisfied. Consequently, there was no question of referring the valuation of the plots in question to the Valuation Officer. The impugned order passed by the Tribunal being in consonance with the provisions of sub-section (1) of section 50C of the Act, does no .....

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..... luation cell of the Income Tax Department to determine the fair market value of two plots of land bearing survey No.14 and 15 as on 31.3.2008. The Valuation Cell submitted a valuation report whereby it determined the fair market value of Plot No.14 at ₹ 10,49,04,000/- instead of ₹ 8,04,20,506/- as declared by the assessee. Insofar as valuation of the plot bearing survey No.15 is concerned, there was no change in the valuation. The Assessing Officer computed the total income of the assessee by considering the sale price of the plot bearing survey No.14 at ₹ 10,49,04,000/-. Being aggrieved, the assessee carried the matter in appeal before the Commissioner (Appeals), who observed that if the stamp duty valuation is higher tha .....

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..... capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereinafter in the section referred to as the stamp valuation authority ) for the payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable 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. Thus, what the section provides is that if any land or building or both are transferred at a value less than the value adopted or assessed or assessable by the stamp valuation authority, the value adopted or assessed or assessable by the stamp valuation authority shall be considered .....

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