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2022 (9) TMI 876 - AT - Income TaxCapital gain computation - applicability of section 50C - Scope of amended proviso to section 50C - sale of immovable property belonged to nine co-owners and capital gain arising thereon and application of provisions of section 50C and 54F - HELD THAT:- As more than 99% of the payment was received by cheque mode by the assessees. Thus the genuineness of the transaction namely the sale consideration as per the date Agreement of Sale namely Rs. 7,000/- are substantially paid to the sellers. When the same piece and nature of land when registered as Sale Deed, 22 months thereafter then prevailing Jantri value of Rs. 16,500/- cannot be applied in this case. Taking overall circumstances of the case, in our considered opinion, it is a fit case to set aside the matter back to the file of the AO with direction to compute capital gain on sale of the property by applying amended proviso to section 50C of the Act and recompute the capital gain. Deduction u/s 54F - Similarly, the assessee having produced details of expenses incurred in the construction of house for availing benefit under section 54F of the Act, the ld.AO is directed to consider supporting evidences filed by the assessee and also examine the evidences for claiming improvement expenses incurred by the assessee, while computing capital gains and granting exemption u/s. 54F - we allow grounds of appeal of the assessee for statistical purpose - Appeal of the assessee is allowed for statistical purpose.
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