During year the assessee and his co-owners sold agriculture land by executing registered sale deed . \u00a0In registered sale deed, description of land was agricultural land and at point of sale, land was not converted or developed . \u00a0Value of land as per District Level Committee (DLC) rate was 3.66 crores However, sale value declared by assessee was Rs. 4.92 crores . Stamp duty authority levied stamp duty by assessing value at rate of 150 per cent of value declared in sale deed . The Assessing Officer made by applying deeming provisions of section 50C, being difference of sale consideration and value assessed by stamp duty authority for levy of stamp duty \u00a0. On appeal the Tribunal held that \u00a0\u00a0where the assessee having declared sale consideration more than DLC, there was no justification for making any addition under section 50C \u00a0of the Act . In case the \u00a0\u00a0Assessing Officer did not agree with explanation of assessee with regard to consideration disclosed by him then he should have referred matter to DVO for valuation purpose. ( AY. 2015 -16 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains – Full value of consideration – Stamp valuation \u2013 Sale consideration more than District level committee rate \u2013 Addition is held to be not justified .[ S.45 ] S. 50C : Capital gains – Full value of consideration – Stamp valuation \u2013 Sale consideration more than District level committee rate \u2013 Addition is held to be not justified .[ S.45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19635","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-56H","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19635"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19635\/revisions"}],"predecessor-version":[{"id":19636,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19635\/revisions\/19636"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}