https://www.taxtmi.com/caselaws?id=68824 Section 50C operates as a special deeming rule for capital gains computation in immovable property transfers: where declared sale consideration is lower than the stamp valuation, the stamp value is treated as the full value of consideration under section 48. If the assessee objects, the AO may seek a DVO valuation under section 50C(2); however, where that valuation exceeds the stamp value, section 50C(3) requires adoption of the stamp valuation. An approved valuer's report does not override this statutory mechanism, and the AO has no discretion to ignore the stamp value where the legal conditions are met. The addition based on stamp valuation was therefore sustained. en-us Fri, 27 Jul 2007 00:00:00 +0530 Mon, 05 Feb 2024 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68824 Section 50C operates as a special deeming rule for capital gains computation in immovable property transfers: where declared sale consideration is lower than the stamp valuation, the stamp value is treated as the full value of consideration under section 48. If the assessee objects, the AO may seek a DVO valuation under section 50C(2); however, where that valuation exceeds the stamp value, section 50C(3) requires adoption of the stamp valuation. An approved valuer's report does not override this statutory mechanism, and the AO has no discretion to ignore the stamp value where the legal conditions are met. The addition based on stamp valuation was therefore sustained. Case-Laws Income Tax Fri, 27 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68824