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2017 (11) TMI 510 - AT - Income TaxLong term capital gains addition made after invoking Section 50C - addition in view of jantri price revised on 18.04.2011 i.e. falling between the date of registered agreement coming on 02.02.2011 and sale deed dated 13.07.2011 - Held that:- We notice in view of all these developments that the assessee has received his earnest money in furtherance to the registered sale agreement dated 02.02.2011 on 10.03.2011. Relevant cheques details already find mention in CIT(A)’s order page 9. We observe in these facts that the registered agreement followed by receipt of advance money by banking channel form sufficient reasons to attract the above former proviso to Section 50C of the Act stipulating in very clear terms that where the date of the agreement fixing the amount of consideration and the date of registration regarding transfer of the capital asset in question are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement is to be taken for the purpose of full value of consideration. We therefore accept assessee’s arguments in principle. The Assessing Officer is accordingly directed to verify necessary facts as per law for the purpose of adopting the above agreement value in order to compute the consequential capital gains. - Decided in favour of assessee for statistical purposes.
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