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Income Tax Officer, Ward – 7 (1) , Versus. Mumtaz Begum

2015 (11) TMI 1515 - ITAT HYDERABAD

Applicability of provision of sec 50C - whether SRO value on the date of the agreement of sale has to be considered under the provisions of section 50C - Held that:- Since the process of sale has been initiated from the date of sale agreement, the applicability of the provisions of section 50C should be looked at only on the date of sale agreement. CIT(A) was correct in holding that the SRO value as on the date of the agreement of sale has to be considered under the provisions of section 50C of .....

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visions of section 50C of the I.T. Act. 3. The brief facts of the case are that the assessee, an individual was issued a notice u/s 148 of the Act to bring to tax the capital gains. However, there was no response from the assessee and, therefore, notice u/s 142(1) was also issued on 30/08/2013. In response to the notice u/s 142(1), the assessee s representative appeared and filed a letter stating that the assessee had already filed her return on 28/07/2007 and the same may be treated as filed in .....

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n. During the course of assessment proceedings, the assessee filed a letter dated 30/10/2013 enclosing a copy of purchase deed, valuer s report for the construction of house sold and the agreement of sale dated 14/12/2006 and also stating that market value for the purpose of registration was enhanced by the Govt. on 01/02/2007 from ₹ 30,000 to ₹ 35,000 and, therefore, requested to consider the value as per the agreement of sale entered into on 14/12/2006 as value of the sale consider .....

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ssee preferred an appeal before the CIT(A). 4. The CIT(A) allowed the appeal of the assessee by following the decision of the ITAT in the cases of Koduru Satya Srinivas & Anr. Vs. ACIT (ITA No. 556 and 557/Vizag/2008, dated 02/07/10) (Visakhapatnam) and M/s Lahiri Promoters (ITA No. 12/Vizag/2009, dated 22/06/2010) by holding that SRO market value as on the date of agreement of sale has to be considered for the computation of capital gain. Aggrieved by the relief granted by CIT(A), the reven .....

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