TaxTMI 
TaxTMI 
Special provision for full value of consideration in certain cases
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.... adopted ^2[or assessed or assessable] by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted ^2[or assessed or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of....
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....value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and ^7[ten per cent.] of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration.] (2) Without prejudice to the provisions ....
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.... sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation 1..- For the purposes of this section, "Valuation Officer" shall have the sam....
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....or accruing as a result of the transfer.] **************** NOTES:- 1. Inserted vide Section 24 of the Finance Act, 2002 w.e.f. 01-04-2003 2. Substituted vide Section 25 of the Finance (No. 2) Act, 2009 w.e.f. 01-10-2009 before it was read as, "or assessed" 3. Inserted vide Section 25 of the Finance (No. 2) Act, 2009 w.e.f. 01-10-....