Income Tax Act Sections 56(2)(vii)(b) and 50C not applicable due to less than 10% FMV difference; appeal allowed.

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....The provisions of Section 56(2)(vii)(b) read with Section 50C cannot be invoked as the difference between the Fair Market Value (FMV) determined by the District Valuation Officer (DVO) and the stated purchase consideration is 5.32%, which is less than 10% of the stated sale consideration. In light of the proviso to Section 56(2)(vii)(b) read with the third proviso to Section 50C, which has been held applicable retrospectively with effect from 01/04/2003, if the difference between the stated consideration and the stamp duty valuation is less than 10% of the stated consideration, Section 50C will not be applicable. Since the difference is admittedly less than 10% in this case, Section 50C will have no application, and the assessee's appeal is allowed.....