Procedure u/s 50C must follow while Sale consideration differs from Stamp Value: ITAT

The ITAT ruled that the procedure under Section 50C must be followed when the sale consideration differs from the stamp value. This case involved a taxpayer who sold property for a consideration lower than its stamp value. The ITAT clarified that under Section 50C, if the sale price differs from the stamp duty value, the latter must be used for tax purposes unless the taxpayer can prove that the sale price is accurate. The ruling emphasizes the importance of adhering to prescribed procedures when dealing with discrepancies between sale consideration and stamp duty value. This decision provides clarity on how to handle such cases, ensuring compliance with tax regulations.