https://www.taxtmi.com/caselaws?id=60449 Section 50C was introduced from 1 April 2003 and is discussed as inapplicable where the agreement for sale, Chapter XX-C sanction and final transfer arose from an earlier transaction governed by the prior regime; the same transfer should not be subjected to both the pre-emptive purchase mechanism and the later stamp-duty valuation fiction. The commentary also states that a reference to the Departmental Valuation Officer for valuing property as on 1 April 1981 requires strict satisfaction of the statutory preconditions, and is not justified merely because the Assessing Officer considers the registered valuer's report excessive. The operative effect described is adoption of the agreement consideration and the registered valuer's historic valuation. en-us Fri, 29 Feb 2008 00:00:00 +0530 Thu, 28 Dec 2023 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60449 Section 50C was introduced from 1 April 2003 and is discussed as inapplicable where the agreement for sale, Chapter XX-C sanction and final transfer arose from an earlier transaction governed by the prior regime; the same transfer should not be subjected to both the pre-emptive purchase mechanism and the later stamp-duty valuation fiction. The commentary also states that a reference to the Departmental Valuation Officer for valuing property as on 1 April 1981 requires strict satisfaction of the statutory preconditions, and is not justified merely because the Assessing Officer considers the registered valuer's report excessive. The operative effect described is adoption of the agreement consideration and the registered valuer's historic valuation. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60449