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2017 (6) TMI 297 - AT - Income TaxComputation of capital gains - transfer of property when sold in 2004 but registered only during the year 2008 - application of provision of 50C - Held that:- CIT(A) has observed that the assessee’s name in the deed of Transfer of lease hold rights was mentioned only because the original allotment was in his name, hence, the assessee did not have ownership of the said property during the year under consideration and therefore, there is no question of transaction of sale of the said property during the year under consideration and capital gains is not accrued. However, the Capital Gains should be taken into account only after deducted the price of the plot from the value of the property i.e. ₹ 99,20,000 (-) Minus ₹ 16,75,000/- i.e. the cost of the plot (to be paid to the Noida Authority) = ₹ 82,45,000/-. Accordingly, we set aside the issue in dispute to the file of the AO with the direction to compute the capital gains on the difference of the Stamp duty amount and price of the impugned property after applying the relevant provisions of the Act. Accordingly, the order of the Ld. CIT(A) is reversed. - Appeal filed by the Revenue stands allowed for statistical purposes.
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