Case Law Details
Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp valuation authorities. In other words, if the property in question has been sold through registered sale deed and the value adopted or assessed by the stamp valuation authority is higher than the value declared by the assessee in the return of income, the provisions of Section 50C of the Act are clearly applicable. If the sale transaction in question is not registered with stamp value authorities, then full value of consideration has to be accepted as declared by the assessee following the decision of the Hon’ble High Court of Punjab & Haryana in the case of Quark Media House (India) Pvt. Ltd. (supra.).
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Offhand
The purport or import , much less the essence of the view taken, in the instant case, following the case law cited and followed, as read and understood, is not clear; on the contrary, extremely confusing. For, according to the well settled legal position, there could, on the flip side, conceivably no lawfully effective ‘transfer’, so as to attract tax, unless the transaction has been effected and evidenced by a deed of sale/conveyance, duly registered after paying stamp duty due.
Open to be enlightened, should the referred view be understood /construed, any differently !