2024 (2) TMI 927

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....v For the Revenue : Shri Vivek Kumar Upadhyay, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.2251/Del/2023 for AY 2015-16, arises out of the order National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "ld. CIT(A)", in short] in TBA/NFAC/S/250/2023-24/1053838828(1) dated 21.06.2023 against the order of assessment passed u/s 143(3) of the Income-tax A....

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....ispute that during the year under consideration, that assessee had sold property for Rs. 1.10 crores and declared long term capital gain accordingly in the return of income. The ld AO during the course of assessment proceedings sought to substitute this consideration with the value as determined by the Stamp Valuation Authorities in terms section 50C of the Act which was arrived at Rs. 1,96,37,000....

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.... being land or building or both, is less than the value adopted 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 or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the co....

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....nt for transfer: Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and 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 considera....