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2023 (9) TMI 387 - ITAT RAIPURLong Term Capital Gain (LTCG) - Addition u/s 50C - CIT(Appeals) was of the view that the “1st proviso” to Section 50C(1) of the Act would get triggered for computing the amount of LTCG in the hands of the assessee - HELD THAT:- AO had, inter alia, stated that though the copy of sale deed was available on record but the “agreement to sell” was not lying in the record. At this stage, we may herein observe that the A.O had in the course of remand proceedings not raised any doubt as regards the genuineness of the “agreement to sell” dated 06.03.2014. Considering all we may herein observe that as per the “1st proviso” to Section 50C(1) of the Act as had been made available vide the Finance Act, 2016 w.e.f. 01.04.2017, where the date of agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same then the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purpose of computing full value of consideration for such transfer. Ostensibly, as neither the “agreement to sell” dated 06.03.2014; nor the contents thereof had been doubted by the A.O in the course of the remand proceedings, therefore, as observed by the CIT(Appeals), and rightly so, the value assessable by the stamp valuation authority on the date of the “agreement to sell” i.e. 06.03.2014 was to be taken for computing full value of consideration for such transfer u/s. 50C - Accordingly, finding no infirmity in the view taken by the CIT(Appeals) who in our considered view had rightly triggered the “1st proviso” to Section 50C(1) of the Act, we uphold the same. Appeal of revenue of dismissed.
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