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2019 (12) TMI 612 - AT - Income TaxProvisions of Section 50C applicability even prior to 1st October, 2009 in respect of transaction which took place prior to 1st October, 2009 - AO was of the opinion that the provisions of Section 50C of the Act should be invoked in the present transactions, accordingly he completed the assessment by adopting guideline value prescribed in the said properties as deemed consideration - HELD THAT:- The provisions of Section 50C of the Act have come into vogue w.e.f. 01.10.2009 and clearly states that the provision will come into effect from 01.10.2009. Further, the CBDT Circular No.5/2010, dated 03.06.2010, has also clearly explained that the provisions of Section 50C of the Act will come into effect from 1st October, 2009 and it is further clarified that the provisions of Section 50C have no application in respect of transaction which are not registered with the registration authorities. The Hon’ble Jurisdictional High Court in the case of CIT vs. R. Sugantha Ravindran [2013 (3) TMI 271 - MADRAS HIGH COURT] held after introduction of the words "or assessable" after the words "adopted or assessed", such transfers where the value assessable by the stamp valuation authority are also brought into the ambit of section 50C. Thus, such introduction of new set of class of transfer would certainly have the prospective application only and not otherwise. Hence, the assessee's transfer admittedly made earlier to such amendment cannot be brought under section 50C. Appeal filed by the Revenue stands dismissed.
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