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 1943 - AT - Income TaxLong tern capital gain - applicability of section 50C - Computation of full value of consideration for transfer of asset - HELD THAT:- Issue in appeal is squarely covered by the Tribunal’s decision in the case of Dharamshibhai Sonani (2016 (9) TMI 1259 - ITAT AHMEDABAD), which has been subsequently followed by large number of division bench of this Tribunal. As rightly held by the Tribunal in the case of Dharamshibhai Sonani (supra), 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. We are of the considered view that the 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) . Thus we remit the matter to the file of the Assessing Officer in this case as well. Assessee appeal is allowed for statistical purposes.
|