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2017 (9) TMI 1948 - AT - Income TaxCapital gain computation - provisions of section 50C - additional ground raised to adopt the rate invoking provisions of Sec.50C as on the date of agreement - HELD THAT:- Assessee has received part of the sale consideration much prior to the execution of the sale deed, is supported by the Bank statement - we are inclined to admit the additional evidence filed by the assessee. Since the payments are by way of cheques, it has to be presumed that there was an oral agreement of sale between assessee and the vendees, pursuant to which, they have paid some amount to the assessee by cheques. The oral agreement has been acted upon and therefore, the provisions of section 50C as on the date of oral agreement have to be considered as held by us in the case of Smt. Mumtaz Begum [2015 (11) TMI 1515 - ITAT HYDERABAD]. In the case before us, there is no date of oral agreement and therefore, the payment of advance on 1.7.2011 should be considered as the date of oral agreement. Further, the Legislature had amended the provisions of section 50C w.e.f. 1.4.2017 and in the case of Smt. Chalasani Naga Ratna Kumari [2016 (12) TMI 1406 - ITAT VISAKHAPATNAM] has held the said amendment to be applicable retrospectively - we deem it fit and proper to admit the additional ground of appeal and also the additional evidence and remand the same to the file of the AO for verification and consideration in accordance with law. Assessee’s appeal is treated as allowed for statistical purposes.
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