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TMI Blog2014 (9) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act (hereinafter referred to as 'the Act'). 2. The brief facts of the case are that the assessment in this case had been completed on 08.12.08 under section 143(3) of the Act. In his computation of income, the assessee had shown the short term capital gains on the sale of immovable property. The assessee had sold his 1/3rd sale in office premises admeasuring 9.58 sq. meters carpet area which was acquired by him by way of inheritance from his father. The Assessing Officer (hereinafter referred to as the AO) observed from the sale agreement that the said agreement had not been registered by the assessee with the registering authority and as such no stamp duty was paid. He further observed that as per stamp duty ready recknor, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2" in section 50C have been inserted vide Finance (No.2) Act, 2009 w.e.f. 01.10.09. She has stressed that the provisions of section 50C were applicable during the relevant period only to the cases which were assessed by Stamp Valuation Authorities. However, the transfer deeds, which were not assessed by the Stamp Valuation Authority, the document being unregistered document, the provisions of section 50C were not applicable as per the provisions in operation during the relevant period. She has further invited our attention to the clause 23 of the CBDT Circular No.5/2010 dated 03.06.2010 to contend that the amendment made in section 50C was prospective in nature which was carried out for the purpose of preventing the leakage of Revenue in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall be deemed to be the full value of consideration received or accruing as a result of such transfer for computing capital gain. 23.3 Further, Explanation 2 has been inserted in the subsection (2) of the section 50C, so as to clarify the meaning of the term "assessable". 23.4 Applicability- These amendments have been made applicable with effect from 1st October, 2009 and will accordingly apply in relation to transactions undertaken on or after such date." 4. She has further relied upon the decision of the Hon'ble Madras High Court in the case of "Commissioner of Income Tax vs. R. Sugantha Ravindran" (2013) 352 ITR 488 (Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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