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TMI Blog2024 (2) TMI 927X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 50C(1) of the Act gives leeway to the assessee to accommodate the variance up to 10% of the actual consideration. We find that though this amendment had been introduced in the statute by the Finance Act, 2018 w.e.f 01.04.2019, this amendment has been held to retrospective in the case of Maria Fernandes Cheryl [ 2021 (1) TMI 620 - ITAT MUMBAI] wherein it was held that amendment made in scheme of section 50C(1) of the Act by inserting third proviso thereto and by enhancing tolerance band for variations between stated sale consideration vis- -vis stamp duty valuation from 5 per cent to 10 per cent are effective from date on which section 50C, itself was introduced, i.e 1-4-2003. Respectfully following the same, we hold that no subst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtnership firm and had filed its return of income on 30.09.2015 declaring total income Rs. 29,08,400/-. It is not in dispute 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/- (for land Rs. 1,51,03,400/- and for building Rs. 45,33,219/-). The assessee requested for reference of the property for valuation by the ld DVO in terms section 50C(2) of the Act. The ld DVO determined the value of the property a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed7, on or before the date of the agreement 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 consideration. 4. We find that though this amendment had been introduced in the statute by the Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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