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2020 (8) TMI 55 - AT - Income TaxCapital gain computation - stamp duty valuation for the purpose of adopting value of consideration u/s 50C - date on which the agreement to sale was entered into OR date on which the transactions actually took place - Whether Section 50C applies to the seller of the land and not to the power of attorney holder/constituted attorney of the transaction in question? - HELD THAT:- When the date of agreement fixing the amount of consideration and the date of registration of the property being the capital asset is different, the matter should be referred to the DVO by the Ld. AO for determination of the valuation as on the date of agreement keeping in view the provision of Sec.50C of the Act instead of that as we find in the case in hand the Revenue has assessed the valuation of the property on the basis of the valuation so assessed by the Stamp Duty Authority and the difference amount has been added to the total income of the assessee which in our considered view is not permissible in law. See AMITKUMAR AMBALAL (HUF) VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-10, AHMEDABAD [2017 (11) TMI 1904 - ITAT AHMEDABAD] - We delete the addition made thereof. Hence, assessee’s appeal is allowed. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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