https://www.taxtmi.com/caselaws?id=352467 Where an assessee disputes the stamp valuation adopted for a transfer and asserts that the declared consideration reflects fair market value, section 50C(2) is attracted. In that situation, the Assessing Officer cannot rely only on the stamp authority's figure; the statutory safeguard requires a reference to the Departmental Valuation Officer for independent determination. The objection need not be framed in elaborate terms if it shows that the stamp value exceeds the actual transaction value and is supported by comparable local transfers. Capital gains must then be recomputed on the basis of the valuation process prescribed by law. en-us Fri, 05 May 2017 00:00:00 +0530 Fri, 15 Dec 2017 08:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352467 Where an assessee disputes the stamp valuation adopted for a transfer and asserts that the declared consideration reflects fair market value, section 50C(2) is attracted. In that situation, the Assessing Officer cannot rely only on the stamp authority's figure; the statutory safeguard requires a reference to the Departmental Valuation Officer for independent determination. The objection need not be framed in elaborate terms if it shows that the stamp value exceeds the actual transaction value and is supported by comparable local transfers. Capital gains must then be recomputed on the basis of the valuation process prescribed by law. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352467