https://www.taxtmi.com/caselaws?id=77063 The High Court clarified that for Section 50C(1) of the Income-tax Act to apply, the declared consideration for property must be lower than the Stamp Valuation Authority's assessment. Section 50C(2) empowers the Assessing Officer when the Authority's value exceeds fair market value. The Stamp Valuation Authority's opinion prevails in determining fair market value, even if higher than the Valuation Officer's estimate. Referring to K.P. Verghese v. I.T.O., the Court dismissed the appeal due to lack of evidence showing higher actual amounts received, aligning with Supreme Court principles. en-us Thu, 08 Apr 2010 00:00:00 +0530 Sat, 05 Nov 2016 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77063 The High Court clarified that for Section 50C(1) of the Income-tax Act to apply, the declared consideration for property must be lower than the Stamp Valuation Authority's assessment. Section 50C(2) empowers the Assessing Officer when the Authority's value exceeds fair market value. The Stamp Valuation Authority's opinion prevails in determining fair market value, even if higher than the Valuation Officer's estimate. Referring to K.P. Verghese v. I.T.O., the Court dismissed the appeal due to lack of evidence showing higher actual amounts received, aligning with Supreme Court principles. Case-Laws Income Tax Thu, 08 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77063