Section 50C cannot be applied if valuation difference is less than 10%

Advocate Akhilesh Kumar Sah A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee Section 50C of the Income Tax Act, 1961(for short ‘the Act’) deals with the special provision for full value of consideration in certain cases. Recently, in John Fowler (India) Pvt. Ltd.(merged with Sungro Seeds Private Limited) vs. DCIT [ITA No. 7545/Mum/2014, decided on 25.01.2017], the AO, vide the assessment order, invoked section 50C of the Act and made an addition of Rs....