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of <h1>Section 50C: Valuation of Land and Buildings for Tax Purposes, Disputed Values Referred to Valuation Officer.</h1> Section 50C of the Income-tax Act, introduced by the Finance Act, 2002, effective April 1, 2003, addresses the valuation of capital assets, specifically land or buildings, for tax purposes. If the sale consideration for such assets is less than the value assessed by the state stamp valuation authority, the assessed value is deemed the full consideration for tax calculations. If the assessee disputes this assessed value as exceeding the market value, the Assessing Officer may refer the matter to a Valuation Officer. The provisions of the Wealth-tax Act, 1957, apply to this valuation process.
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