Held that the assessee had reported a sale consideration which was equal to the stamp valuation adopted by the stamp valuation authorities in other words the circle rate, and not less than the circle rate. Thus, the reference to Valuation Officer in the case of the assessee is bad in law and the addition made to the long-term capital gains is not valid.(AY.2018-19)
Akash Garg v Dy. CIT (IT) (2023)108 ITR 69 (SN)/ (2024) 204 ITD 507 (Delhi)(Trib)
S. 50C : Capital gains-Full value of consideration-Stamp valuation Only where sale consideration is less than value adopted by Stamp Valuation Authorities-Sale consideration is more than stamp valuation-Reference to Valuation Officer is not sustainable-Addition is not justified.[S. 45]