50C. Special provision
for full value of consideration in certain cases.-
(1) Where the consideration received or accruing as a result
of the transfer by an assessee of a capital asset, being land
or building or both, is less than the value adopted or assessed
or assessable by any authority of a State Government (hereafter
in this section referred to as the “stamp valuation
authority”) for the purpose of payment of stamp duty
in respect of such transfer, the value so adopted or assessed
or assessable shall, for the purposes of section 48, be deemed
to be the full value of the consideration received or accruing
as a result of such transfer.
(2) Without prejudice to the provisions of sub-section (1),
where—
(a) the assessee claims before any Assessing Officer that
the value adopted or assessed or assessable by the stamp valuation
authority under sub-section
(1) exceeds the fair market value of the property as on the
date of transfer;
(b) the value so adopted or assessed or assessable by the
stamp valuation authority under sub-section (1) has not been
disputed in any appeal or revision or no reference has been
made before any other authority, court or the High Court,
the Assessing Officer may refer the valuation of the capital
asset to a Valuation Officer and where any such reference
is made, the provisions of sub-sections (2), (3), (4), (5)
and (6) of section 16A, clause (i) of sub-section (1) and
sub-sections (6) and (7) of section 23A, sub-section (5) of
section 24, section 34AA, section 35 and section 37 of the
Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modi-fications,
apply in relation to such reference as they apply in relation
to a reference made by the Assessing Officer under sub-section
(1) of section 16A of that Act.
Explanation 1.—For the purposes of this section, “Valuation
Officer” shall have the same meaning as in clause (r)
of section 2 of the Wealth-tax Act, 1957 (27 of 1957).
Explanation 2.—For the purposes of this section, the
expression “assessable” means the price which
the stamp valuation authority would have, notwithstanding
anything to the contrary contained in any other law for the
time being in force, adopted or assessed, if it were referred
to such authority for the purposes of the payment of stamp
duty.
(3) Subject to the provisions contained in sub-section (2),
where the value ascertained under sub-section (2) exceeds
the value adopted or assessed or assessable by the stamp valuation
authority referred to in sub-section (1), the value so adopted
or assessed or assessable by such authority shall be taken
as the full value of the consideration received or accruing
as a result of the transfer.
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