Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1904 - AT - Income TaxCapital gain computation - stamp duty valuation for the purpose of adopting value of consideration u/s 50C - date on which the agreement to sale was entered into OR date on which the transactions actually took place - counsel submitted that the relevant date for ascertaining whether or not the sale consideration is suppressed is the date on which an agreement was entered into - HELD THAT:- The issue in appeal is squarely covered by the Tribunal’s decision in the case of Dharamshibhai Sonani [2016 (9) TMI 1259 - ITAT AHMEDABAD] as held the amendment brought about by Finance Act, 2016, providing that “where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer”, is retrospective in effect and applies from 1st April 2003. The detailed reasons for coming to this conclusion are already set out in the extract from the Tribunal’s decision quoted earlier in this order. Plea of the learned counsel indeed merits acceptance. We, therefore, deem it fit and proper to remit the issue to the file of the Assessing Officer for adjudication de novo in the light of observations above and the legal position set out in Dharamshibhai Sonani (supra). - Assessee appeal is allowed for statistical purposes.
|