2016 (8) TMI 1592 - SCH - Income Tax

Addition on account of capital gain on the basis of valuation of asset by DVO - FMV determination - resorting to section 50C - Commissioner (Appeals), who observed that if the stamp duty valuation is higher than the amount declared by the assessee the same has to be considered as a fair market value and if the valuation arrived at by the DVO was less than the value adopted by the stamp valuation authority, the fair market value is to be taken as the value by the DVO - as decided by HC 2016 (4) TMI 480 - GUJARAT HIGH COURT the condition precedent for resorting to the provisions of sub-section (1) of section 50C is that the land or building should have been transferred for a lesser consideration than that adopted or assessed or assessable by the stamp valuation authority and in the present case, undisputedly the valuation made by the assessee exceeds the value adopted by the stamp valuation authority - condition precedent for invoking sub-section (1) of section 50C of the Act is, therefore, clearly not satisfied. Consequently, there was no question of referring the valuation of the plots in question to the Valuation Officer. HELD THAT - We do not see any reason to interfere with the impugned order. The special leave petition is dismissed. Pending applications, if any, stand disposed of.

Summary

The Supreme Court of India dismissed the special leave petition without interference with the impugned order. Delay was condoned, and pending applications were disposed of.