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2015 (9) TMI 66 - AT - Income TaxAddition on account of long term capital gain u/s.50C - whether the correct thing is to adopt the stamp duty valuation as on the date of sale of agreement? - Held that:- As evident from a copy of the income tax return and computation of income filed by the assessee for the assessment year 2003-04 the assessee had duly disclosed the fact of this sale transaction and resultant capital gains for the relevant assessment year. We have also noted that the buyer i.e. Vinod Bansal, has paid society maintenance charges for the period 31.08.2002 to 31.12.2004 vide cheque numbers 032425 and 032426 dated 12.01.2005 for ₹ 39,188/- and ₹ 19,028/- respectively. On these facts, in our considered view, the assessment year in which the capital gains on transfer of this asset can be brought to tax is indeed assessment year 2003-04. The Assessing Officer was clearly in error in addressing himself to the taxability of this capital gain in the assessment year before us i.e. 2007-08. Thus the erudite discussions about applicability of Section 50C in the present assessment year are wholly irrelevant and do not call for any adjudication. That aspect of the matter is academic. Once we hold, as we have held in this case, that an item of income is not taxable in the present assessment year, it is wholly academic to examine modalities of quantifying that income. - Decided in favour of assessee.
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