Section 50C cannot be applied in the year in which Transfer not taken palce

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter dated 19.03.2015 addressed to the DCIT. This is as per provisions of sub-section 2 of Sec.50C, where it is stated that if the assessee claims before the Assessing Officer that if the value adopted assessed/assessable by the Stamp Valuation Authority under sub-section-1 exceeds the fair market value of...