Section 50 C of the Income-tax Act (the Act) was inserted by the Finance Act 2002 and it took effect from 01-04-2003 to take care of situations where the value 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 ("stamp valuation authority").
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