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2017 (1) TMI 1325 - ITAT MUMBAILTCG on sale of rights in land - whether the lower authorities were justified in substituting the sales consideration with the amount for deemed sales consideration by invoking provisions of section 50C for computing long term capital gains with respect of sale of rights in land made by the assessee during the year under consideration? - Held that:- Since in the facts of the case before us the transaction was carried out by the assessee prior to 01.10.2009, therefore provisions of section 50C could not have been applied. Since, the impugned agreement was not registered, therefore, there was no occasion for any assessment of stamp valuation. Under these circumstances, the AO was not empowered to adopt any valuation in place of actual sales consideration on the basis of his own notions or calculations. Thus, we find that action of the lower authorities in invoking the provisions of section 50C and in substituting some other valuation was clearly beyond the provisions of law as applicable upon the impugned transaction. Under these transactions, we hereby delete the addition made by the AO. - Decided in favour of assessee
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