assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer ... provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value
Section 50C in The Income Tax Act, 1961
50C. [ Special provision for full value of consideration in certain cases. [Inserted
provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination
Section 20 in The Finance Act, 2018
20. Amendment of section 50C.
- In section 50C of the Income-tax Act, in sub-section (1), after
purpose of stamp duty was only 6.55%, and therefore addition
under section 50C of the Act is not justified.
3. When this appeal was called ... assessee not be allowed the benefit of the third proviso to
Section 50C(1) as the variation is much less than the prescribed permissible variation
only relate to the addition made by the Assessing Officer under Section 50C of the Income-tax Act, 1961. In the interest of justice ... more biased with the Revenue aspect and language of the Section 50C of the I.T. Act, 1961 more than the determination of the correct
first appeal, the assessee made various submissions including the inapplicability of Section 50C to the facts of the case. The learned ... material on record. The learned Authorised Representative has vehemently argued that Section 50C is not applicable to this case as the sale was made through
Tribunal was right in law in holding that the provisions of Section 50C can be invoked in the case where the sale of the property ... agreement of sale, by invoking the provisions of Section 50C of the Income Tax Act, the assessing officer computed the long term capital gain
provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination
Finance Act, 2012
17. Insertion of new section 50D.
- After section 50C of the Income-tax Act, the following section shall be inserted with effect
