urgent help req on SEC 5C????

IF the assessee claims that the value adopted or assessed forstamp duty purposes exceeds the fair market value of the property as on the date of transfer and he has not disputed the value so adopted or assessed in any appeal or revision or reference before any authority or Court the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with section 55A of the IT Act. If the fair market value determined by the Valuation Officer is less than the value adopted for stamp duty purposes, the Assessing Officer may take such fair market value to be full value of consideration. However, if the fair market value determined by the Valuation Officer is more than the value adopted or assessed for stamp duty purposes, the Assessing Officer shall not adopt such fair market value and will take the full value of consideration to be the value adopted or assessed for stamp duty purposes.

Refer Sec 50C (2) n (3) wher assesee can challege the value b4 stamp val authority / can claim tht its FMV  is less than value adopted by stamp authorities.

IF the assessee claims that the value adopted or assessed forstamp duty purposes exceeds the fair market value of the property as on the date of transfer and he has not disputed the value so adopted or assessed in any appeal or revision or reference before any authority or Court the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with section 55A of the IT Act. If the fair market value determined by the Valuation Officer is less than the value adopted for stamp duty purposes, the Assessing Officer may take such fair market value to be full value of consideration. However, if the fair market value determined by the Valuation Officer is more than the value adopted or assessed for stamp duty purposes, the Assessing Officer shall not adopt such fair market value and will take the full value of consideration to be the value adopted or assessed for stamp duty purposes.

It is also proposed to provide that if the value adopted or assessed for stamp duty purposes is revised in any appeal, revision or reference, the assessment made shall be amended to recompute the capital gains by taking the revised value as the full value of consideration.

So whther selleris eligible to chalenge d value already adopted by stamp val authorities

wat arguments can stamp valuation authrity make to refuse to appeal by  seller n

wat shld i do to counter their arguments.Thanks

Hey I think..seller cannot challenge..50C is the case of increase in the value..here in ur case it is reduce in the value. so i don't think seller can challenge..