Section 50C – Fair market value determined by DVO cannot be replaced for full value of consideration

ITO Vs. Chandrakant R. Patel (ITAT Ahmedabad)

Appeal No. 3139/Ahd/2009 , Date of Decision – 08.04.2011

The assessee had shown long term capital gain on sale of land. There was a common sale deed executed along with co-owners in respect of two plots. The assessee had showed sale consideration of Rs. 41,860 per Sq. mt. The ‘Jantri’ rate as per ‘Stamp Duty Author¬ity’ was Rs. 4,500 and Rs. 7,000 per sq. mt. respectively, for the

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