2019 (6) TMI 551

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 out in paragraph 16 of the stay petition as....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 seller dealing at arms length with a prudent buyer in o....