Adoption of section 50C justified on difference in sale consideration in sale deed and stamp value adopted by officer

Advertisement Ranganath Ashok Meharwade Vs ITO (ITAT Bangalore) ITAT Bangalore held that once the sale consideration mentioned in the sale deed differs from the stamp value adopted by the officer, AO has to adopt the procedures contemplated u/s. 50C of the Act. Accordingly, appeal filed by the assessee dismissed. Facts- AO based on the information received by him that the assessee had sold an immovable property on 03/02/2015 for a sale consideration of Rs. 22 Lakhs as against the market value for stamp duty purpose at Rs. 54,20,000/-. Therefore AO relied on section 50C of the Act and propos...