2017 (9) TMI 587

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....) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 19.08.2016 raising following question for our consideration: "Whether the Appellate Tribunal has erred in deleting the addition and in stating that reference to DVO in this case is permitted u/s. 50C (Clause2) and not u/s. 55A, without realizing that the sale was not got registered before Stamp Va....

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....arket value as on the date of the transfer. The Assessing Officer computed the assessee's longterm capital gain by adopting the value of land assessed by the DVO in response to the reference and made an addition of Rs. 78.75 lakhs (rounded off) under the said head. The assessee carried the matter in appeal. The Commissioner (Appeals) deleted the additions, upon which, the department approached....

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....r 2006-07. The Court referring to section 50C of the Act, made following observations: "13. We are conscious that section 50C of the Act introduced in the statute by Finance Act, 2002 with effect from 1.4.2003 now provides for special provision for full value of consideration in certain cases. The said section provides a deeming fiction under which consideration received or accruing as a ....

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....thority." 4. Section 50C of the Act provides for special provision for full value of consideration in certain cases. Subsection (1) of section 50C provides for the adoption of the value taken by the Stamp Valuation Authority for the purpose of stamp duty as the full value of consideration of the transferred asset for the purpose of section 48 of the Act. Learned counsel for the Revenue however ....