Section 50C- Value on Sale Agreement date to be adopted & not the value on date of Sale Deed

Prakash Chand Bethala Vs DCIT (ITAT Bangalore) Section 50C provides that where the consideration received or accruing as a result of transfer by an assessee of a capital asset being rent or building or both is less than the value adopted or assessed by any authority for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of section 48, be deemed to be the full value of the consideration. In other words, the full value of consideration mentioned in section 48 is to be replaced by the consideration on which the value of the p...