Dismissing the petition the Court held that the sale consideration was declared in the sale deed, it was not relevant. The value had to be determined under section 50C of the Act. If the guideline value was more than the value declared in the document, then the guideline value was relevant for payment of tax, and whether the assessee had received the amount was of no consequence. As long as a sale was effected the assessee was bound by section 50C of the Act. (AY.2007-08)
Samuel v. CBDT (2022) 447 ITR 708 (Mad.)(HC)
S. 50C : Capital gains-Full value of consideration-Stamp valuation
Transfer of immovable property-If the guideline value was more than the value declared in the document, then the guideline value was relevant for payment of tax, and whether the assessee had received the amount was of no consequence. As long as a sale was effected the assessee was bound by section 50C of the Act. [S. 45, Art. 226]