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2017 (1) TMI 1675 - AT - Income TaxExemption u/s. 54F and 54EC - LTCG - relevant assessment year - transfer u/s. 2(47) and possession of capital asset in the previous year - Whether CIT(A) has erred in deleting the addition of income from Long Term Capital Gains on the basis of the unregistered sale agreement dated 23.07.2008, whereas, the sale deed registered on 27.04.2009 and relied on the provisions of section 53A of the Transfer of Property Act ? - HELD THAT:- CIT(A) has considered these workings and discussed elaborately in his orders emphazing on the provisions of section 50C and 2(47) of the Income Tax Act and sec. 53A of the Transfer of Property Act. We are conscious that there has since been amendment to sec. 50C(1) incorporating the word "or assessable", so that the value that would stand to be assessed would substitute the stated consideration. The said amendment, as held in CIT Vs. R. Sugantha Ravindran [2013 (3) TMI 271 - MADRAS HIGH COURT] is effective only from 01.10.2009, i.e., subsequent to the transfer date in the present case. Hence, capital gains have to be assessed for the assessment year 2009-10 and there is no dispute on the compliance of requisite conditions for claiming exemption u/s. 54 and 54EC for the assessment year 2009-10. Thus assessee has complied the provisions of law and CIT(A) has considered these aspects Vis-a-vis the explanations of the assessee and findings of the Assessing Officer and deleted the addition - Decided against revenue
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