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2019 (5) TMI 1945 - AT - Income TaxAddition on account of long term capital gain u/s 50C - price determined for Adoption of stamp duty valuation - Scope of amendment to section 50C - as submitted that the sale price determined in the impugned sale agreement was determined on the basis of Jantri Value prevailing on the date of agreement and further that the terms of payment of the sale consideration was also agreed upon in the said same agreement - HELD THAT:- The facts of the case are not in dispute and after having perused both the agreement to sale as well as the registered sale deed we do not find any apparent contradictions between the two set of documents in so far as the quantum of consideration is concerned. The registered sale deed makes a mention of the agreement to sell and duly records that an amount of Rs.1,14,00,000/- had already been paid to the seller/assessee at the time of execution of the agreement to sell. We also note that there is no inference by the department that an amount more than the sale consideration as shown in the agreement to sell and/or the sale deed had exchanged hands. Whether the assessee is entitled to the benefit of provisos to section 50C of the Act which as per the Finance Act 2016 was to take effect from 01.04.2017? - Admittedly, the year under consideration is assessment year 2012-13 and if the amendment is held to be coming into force from 01.04.2017 then the assessee will not get the benefit of provisos. However, the Co-ordinate Benches in Ahmedabad in a number of cases have held that this amendment was to be taken as being retrospective in effect with effect 01.04.2003. The lead case in this regard is Dharamshibhai Sonani [2016 (9) TMI 1259 - ITAT AHMEDABAD] wherein it has been held that the provisos to section 50C were effective from 01.04.2003. The Department has not produced any judgment or order to the contrary and, therefore we hold that since the amendment to section 50C is retrospective in nature, the assessee will be entitled to relief in the present appeal. Accordingly, we restore the issue to the file of the Assessing Officer with a direction to verify as to whether the registered agreement to sale as claimed by the assessee was actually executed on 06.09.2011 and the partial sale consideration of Rs.1,14,00,000/ was received through banking channels. If these two claims of the assessee stand verified, the Assessing Officer will, thereafter, for the purpose of computation of capital gains, adopt the stamp duty valuation as on 06.09.2011 appeal of the assessee stands partly allowed for statistical purposes.
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