Taxpayer Loses Capital Gains Benefit as Property Valuation Exceeds 10% Tolerance u/s 50C(1) of Income Tax Act.

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....Capital gain - value determined by the DVO - entitled for the benefit of proviso to section 50C(1) - Regarding two properties, there is a difference of 14.77% and 14.58% between the value declared by assessee and the fair market value determined by DVO which is beyond the maximum tolerance band of 10% as per the proviso to section 50C(1) of the Act. Therefore, the benefit of said proviso cannot be extended to the assessee- AT....