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2018 (10) TMI 1885 - GUJARAT HIGH COURTRevision u/s 263 - decision of the Assessing Officer not granting exemption under section 54B of the Act and the other being the applicability of section 50C of the Act in relation to sell of land by the petitioner - HELD THAT:- As petitioner submitted that he does not dispute the Commissioner's order in connection with the claim of the petitioner under section 54 of the Act. However, with respect to revised capital gain under section 50C of the Act, counsel relied on the 1st proviso to subsection (1) of section 50C of the Act which was inserted with effect from 01.04.2000, as per which, if the date of agreement fixing the amount of consideration and the date of registration for the transfer of 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. Counsel pointed out that the requirement of the further proviso for applicability of the said proviso viz. that the payment should have been made through account payee cheque or bank draft or through electronic clearance system was satisfied in the present case. According to the petitioner therefore the Jantri rates as revised on the date of registration of the sale deed could not have been taken into account. Counsel pointed out that the Commissioner in the impugned order though recorded this contention, did not decide the same. NOTICE, returnable on 29.10.2018
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