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2024 (3) TMI 1157 - AT - Income TaxDetermination of long term capital gain u/s 50C - assessee has received part sale consideration - whether the assessee is eligible for the benefit of First and Second proviso to Section 50C? - HELD THAT:- The first proviso to Section 50C specify that in case where the date of agreement fixing the amount of consideration and the date of registration of the transfer of capital asset is not the same, the value adopted or assessed by the stamp valuation authority or the date of agreement may be taken for the purpose of computing full values of consideration for such transfer. Further second proviso to section 50C specify that the benefit of first proviso shall apply only in case where the amount of consideration, or part thereof has been received by way of account payee cheque or by banking channel. As part payment of the consideration is received by the assessee prior to the execution of agreement to sale in the month of June 2011, which we have verified from the bank statement of the assessee and as find that as per jantri rate applicable as on 01.08.2011 (sale agreement date) i.e., Rs. 64,82,526/-, the assesse has shown / received sale of Rs. 1.94 Crore, which is much more than the agreed price. Thus, in view of the aforesaid factual discussion, we find that the assessee is entitled for the benefit of first and second proviso to section 50C. Hence, the addition made by assessing officer by invoking the provision of section 50C is not sustainable and the same is deleted. In the result, the ground No. 1 of the appeal raised by the assessee is allowed.
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