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2017 (5) TMI 1725 - AT - Income TaxCapital gain computation - valuation of the property - assessee was one third owner of agriculture land - application of provisions of section 50C - HELD THAT:- Co-ordinate Bench, Ahmedabad, in the case of Shri Dharamshibhai Sonani Vs. ACIT [2016 (9) TMI 1259 - ITAT AHMEDABAD] wherein it was held that the proviso inserted u/s.50C of the Act, by the Finance Act 2016 with effect from 01/04/2017 is curative in nature and the assessee should not be denied the benefit for the issues prior to the date of amendment. Assessee entered into the agreement to sale on 10/12/2007 and received advance of ₹ 12,00,000/- out of which ₹ 7,00,000/- was by account payee cheque of Vijaya Bank as appearing in the copy of agreement to sale at page 4 and 5 of the paper books. It is also not disputed by the Revenue that value of the property as per the provision of section 50C by applying Jantri rate as on 10/12/2007 is ₹ 64,73,250/- which is less than the agreed sale consideration of ₹ 80,00,000/-. We are therefore of the view that Ld.AO erred in making addition by applying the provisions of section 50C of the Act, taking the basis of date of sale deed rather than date of agreement to sale. We accordingly, set aside the order of Ld.CIT(A) and allow the assessee’s appeal.
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