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2017 (12) TMI 1880 - ITAT CHENNAICapital Gains - year of transfer of asset - Transfer of Property Act by irrevocable Power of Attorney - transfer of the 14,307 sq.ft. of the land by applying the provisions of Sec. 50C for the AY 2010-11 - assessee had not been able to produce any documentary evidence, any proof of the transaction claimed, to have taken place during the year 2002 - as submitted that the property having already been transferred by a registered Power of Attorney and possession in respect of the said land having been handed over through the registered irrevocable Power of Attorney, the Capital Gains was not liable to be assessed for the AY 2010-11 - as argued same transaction could not be taxed again in the AY 2010-11, just because, the Sale Deed was registered only during the said assessment year HELD THAT:- As in view of the principles laid down by the Hon’ble Supreme Court in the case of Shri Balbir Singh Maini 2017 (10) TMI 323 - SUPREME COURT it is held that the Capital Gains, if any, in respect of the transfer of the 14,307 sq.ft. of the land is assessable only during the year 2002 as has been rightly disclosed by the assessee in their returns for the AY 2002-03. Even otherwise, a perusal of the proviso to Sec. 50C(1) inserted by Finance Act 2016 w.e.f. 01.04.2017 clearly admits that the provisions of Sec. 50C are not to apply in the event that the date of agreement fixing the amount of consideration and the date of registration for transfer of the capital asset are not the same, then the value adopted or assessed or assessable by Stamp Valuation Authority on the date of agreement, may be taken for the purpose of computing the full value of the consideration of such transfer subject to conditions. In the present case, admittedly, the Power of Attorney is considered as the agreement and the Sale Deed executed are in two different assessment years and the consideration having already been received by the assessee on the execution of the irrevocable registered Power of Attorney and the same having been offered to tax during the AY 2002-03, the provisions of Sec. 50C itself cannot be brought to play in the case of the assessees. Assessee appeal allowed.
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