Assessee sold an immovable property for Rs. 5.50 crores. Registered valuer\u00a0 valued the property at Rs. 5, 36,60,000.\u00a0 In course of assessment proceedings, Assessing Officer referred case to DVO for determining fair market value (FMV) of property.\u00a0 DVO determined FMV of property at Rs. 6.38 crores.\u00a0 Assessing Officer, however, adopted value determined by Stamp Valuation Authority (SVA) at Rs. 8.38 crores as deemed sale consideration under section 50C\u00a0 of the Act and added an amount of Rs. 2.98 crores as notional income.\u00a0\u00a0 Commissioner (Appeals) upheld order of Assessing Officer. On appeal the Tribunal held that\u00a0 since difference in FMV as per actual sale consideration received by assessee and DVO was much lesser in comparison to difference in value as per Stamp Valuation Authority (SVA)\u00a0 and DVO, deeming provisions of section 50C cannot be applied. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Fair market value-Registered Valuer valued the property at less than sale consideration-Sale consideration and DVO is less than Stamp Valuation Authority-Deeming provision cannot be applied-Addition is deleted. [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-48082","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cvw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48082","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=48082"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48082\/revisions"}],"predecessor-version":[{"id":48083,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48082\/revisions\/48083"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}