https://www.taxtmi.com/caselaws?id=442303 Section 50C addition was held unsustainable where the difference between the stamp valuation authority's value and the government-approved valuer's value was below the prescribed tolerance band. The third proviso to section 50C applies a safe harbour when the stamp valuation does not exceed 110% of the consideration received or accruing on transfer, in which event the actual consideration is taken as the full value of consideration under section 48. Relying on a coordinate bench view on the same issue, the ITAT Kolkata deleted the addition and granted relief to the assessee. en-us Fri, 25 Aug 2023 00:00:00 +0530 Mon, 28 Aug 2023 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442303 Section 50C addition was held unsustainable where the difference between the stamp valuation authority's value and the government-approved valuer's value was below the prescribed tolerance band. The third proviso to section 50C applies a safe harbour when the stamp valuation does not exceed 110% of the consideration received or accruing on transfer, in which event the actual consideration is taken as the full value of consideration under section 48. Relying on a coordinate bench view on the same issue, the ITAT Kolkata deleted the addition and granted relief to the assessee. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442303