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TMI Blog2023 (8) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... Valuation Authority and the value as per the Government approved valuer is less than 10% which is within the leverage provided u/s 50C. The third proviso to Section 50C of the Act provides 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-tax (Appeals)- NFAC, Delhi [hereinafter referred to Ld. CIT(A) ] dated 02.05.2023 for the Assessment Year (in short AY ) 2012-13. 2. The only issue raised by the assessee in the grounds of appeal is against the ex-parte order passed by Ld. CIT(A) wherein Ld. CIT(A) affirmed the order of the Assessing Officer (in short ld. 'AO') confirming the addition of Rs. 5,52,757/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... noted that the market value of the said property has been assessed at Rs. 5,89,97,915/- by the office of A.R.A-II, Kolkata. However, the amount of consideration received by the assessee was only Rs. 50 lakh out of the sale consideration vide sale deed dated 19.12.2011. The assessee has furnished valuation report of the property valuing the property at Rs. 70.93 lakh as on 01.04.1981 and the index ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roviso to Section 50C of the Act provides 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 conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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