Adoption of deemed sale consideration in violation of section 50C(2) unjustified

DCIT Vs Goverdhan Prasad Singhal (ITAT Jaipur)

AO failed to follow the procedure as prescribed under section 50C(2), held that the CIT(A) was not justified in confirming the action of the AO in adopting deemed sale consideration in violation of section 50C(2) of the Act. Actual sale consideration adopted for LTCG

Facts-

The main contention of the assessee is that sale consideration adopted at Rs.11,19,00,441/- as per stamp duty valuation as against fair consideration Rs. 8,81,00,000 which exceeded the fair market value of property as per valuation reported is unjustified.

Conclusion-

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