Abhhay N Agrawal

AO is bound to consider assessee’s objections before adopting FMV as per ”Guidance Value” or as per DVO Report [Section 50C]

Section 50C of the Income-tax Act, 1961 is a special provision which comes into picture whenever a capital asset being land or building is transferred/ sold. It is a deeming provision which provides for substitution of actual sale consideration for value adopted/ assessed/ assessable as per Stamp Valuation Authority (‘SVA’) if, the former is less than the latter.