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2013 (12) TMI 904 - AT - Income TaxApplicability of section 50C - Held that:- Following ACIT Vs. P.R.Chockalingam [2012 (4) TMI 417 - ITAT CHENNAI] - The value of the property should be determined at the time of handing over of possession of the property and not at the time of registration - The value should be determined in accordance with the terms and conditions mentioned in MOU between the assessee and the developer - The provisions of Section 50C will not be applicable as they were inserted by the Finance Act, 2002 w.e.f. 01-04-2003 - Decided against Revenue.
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