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2012 (8) TMI 394 - AT - Income TaxAddition u/s 50C - reference to DVO - dispute regarding value of the property in hand regarding which unregistered agreement has been executed in September 2006 - Held that:- Word “assessable” has been incorporated only w.e.f. 1.10.2009 (Finance Act 2009 w.e.f. 1.10.2009). The same cannot be made operative for earlier Assessment Years i.e. AY 2007-08 in hand. The assessment proceedings before the said point of time have to governed by the words “adopted or assessed”. Even otherwise also, the Coordinate Bench in cases of Carlton Hotel had rightly held that sec. 50C is not applicable in cases of unregistered agreements. Once sec. 50C itself is not applicable qua the facts of the instant case, there is no other provision in the Act which could govern the peculiar circumstances in hand. Therefore, we hold that the CIT (A) has not committed any irregularity in deleting the addition, made by the AO - Decided against the Revenue
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