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 plots. The AO considering the area of the property referred valuation of the same to the DVO. The valuation report of DVO val¬ued the same...