2019 (6) TMI 551

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..... P.K. Drolia, Adv. The Court : This is a valuation dispute. The provision involved is Section 50C of the Income Tax Act, 1961. According to the assessee, the valuation of the property by the departmental officers as confirmed by the Tribunal under the said Section 50C(2) is perverse. The suggested question on which this appeal should be heard out under Section 260A of the said Act is set ou....

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.... beneficial use by the owner. To rid the assessee of this problem, he had to sell it at the declared price of about Rs. 30 lakhs. The case of the Revenue is that its valuation was about Rs. 72 lakhs and odd at the time of sale. The question to be answered is : whether this was the "fair market value" of the property at the time of sale? The issue ultimately boils down to whether a prudent....