holding that the
'Guidance Value' as per Section 50C of the Act, as determined by the State
Government, could be adopted ... Appellate Tribunal
was justified in adopting the fair market value under
Section 50C of the Income Tax Act, without
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gain, irrespective of the computation of the deemed sale
consideration under section 50C of the Act. CIT Appeals allowed
the assessee's Appeal, upon ... exemption under section 54EC of the Act,
deeming fiction contained in section 50C of the Act cannot be
ignored. The assessee could claim exemption only
gain, irrespective of the computation of the deemed sale
consideration under section 50C of the Act. CIT Appeals allowed
the assessee's Appeal, upon ... exemption under section 54EC of the Act,
deeming fiction contained in section 50C of the Act cannot be
ignored. The assessee could claim exemption only
Authority of Major
Ports (TAMP) published under Section 49 read with Section 50C of the
Major Port Trust Act, 1962. Land policy ... which are not fixed and published under Section 49
read with Section 50C of the Major Port Trust Act, 1963. Assuming that,
the land policy
wherein it has been held
that the provisions of section 50C of the Act cannot be applied
for making addition under section ... court has held
thus:-
"6. As is well known, section 50C of the Act makes
special provision for full value of consideration in certain
Court : This is a valuation dispute. The provision involved is Section
50C of the Income Tax Act, 1961.
According to the assessee, the valuation ... departmental officers as confirmed by the Tribunal under the said Section 50C(2) is
perverse. The suggested question on which this appeal should be heard
22046/2019 ORDER
of section 50C of the Income Tax Act, 1961
(hereinafter referred to as "the Act") would
apply in the hands ... that therefore,
the Assessing Officer has specifically considered
the applicability of section 50C of the Act and
thereafter, framed assessment under section
value of the land and the consideration
received in terms of section 50C of the Income Tax Act, 1961
and hence, income chargeable ... jantri value should not be deemed as sale
consideration as per section 50C of the Act. It was submitted
that thereafter, the Assessing Officer framed
Valuation
Officer in accordance with Sub-Section (2) of
Section 50C of the Act is valid ? and
ii. Whether, on the facts ... Valuation Officer in
accordance with Sub-Section (2) of Section 50C of
the Act, even after the valid authority constituted
by the State Government
erred in law in giving retrospective effect to the provisions of section
50C inserted w.e.f. 1.4.2003 for upholding taxability of capital gains ... upholding levy of capital gains taxation based upon
application of section 50C of the Income Tax Act, 1961 for the
Assessment Year 20112012?
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