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TMI Blog2022 (3) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... g the provisions of section 50C of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 3. Briefly the facts are, assessee is a resident individual. For the assessment year under dispute, the assessee filed her return of income on 10.10.2005 declaring total income of Rs. 46,18,500/-. While verifying the return of income filed by the assessee in course of assessment proceeding, the Assessing Officer noticed that during the year under consideration, the assessee has sold immovable property consisting of land and constructed portion for a sale consideration of Rs. 90 lakhs. The Stamp Valuation Authority has determined the value of property at Rs. 1,02,36,200/-. Thus, the Assessing Officer issued a show-cause-notice to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing the difference between the declared sale consideration and the value determined by the DVO. 5. When the appeal was called for hearing, none appeared on behalf of the assessee. Accordingly, we proceed to dispose of the appeal ex parte qua the assessee after hearing learned Departmental Representative and based on the materials on record. 6. We have heard learned Departmental Representative and perused materials on record. Facts on record clearly reveal that as against the declared sale consideration of Rs. 90 lakhs, the Stamp Valuation Authority has determined the value of the property, giving rise to short term capital gain, at Rs. 1,02,36,200/-. It is also a fact that the Assessing Officer has proceeded to compute short term capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmination of market value of asset as on the date of sale by the DVO, the difference between the declared sale consideration and the market value is within the range of 5%, as referred to, in third proviso to section 50C(1) of the Act. This, being a beneficial provision, in our considered opinion, the benefit provided under the third proviso to section 50C(1) of the Act, should be extended to the assessee, as, ultimately the value determined by the Stamp Valuation Authority has been substituted by DVO's valuation in terms of sub-section (3) of section 50C of the Act. Thus, in our considered opinion, the addition of Rs. 2,37,400/- towards short term capital gain needs to be deleted. Accordingly, we delete the same. In view of our aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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