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2012 (11) TMI 1112 - AT - Income TaxAdoption of correct Market value of the property for computation of capital gain - application of section 50C where the property was sold before 1.4.2003 but the sales deed was executed on 25.11.2005 - submission of additional evidence not filed by the assessee before the AO - Held that:- u/s 2(47)(v) a notional or artificial transfer takes place on the day when possession is transferred in terms of sec 53A of the Transfer of Property Act - when the vendor gives the possession of property to purchaser, it is to be considered that the transfer is complete on the date of agreement of sale - As per the sale deed the possession of the property has been given to the purchaser on the date of sale deed, hence there cannot be handing over of the same property at two times - The AO is directed to consider all the documents produced by the assessee before the CIT(A) while deciding the issue - Matter remanded back.
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