TMI Blog2019 (2) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- from such amount considering such amount having been offered as value of consideration in the A.Y. 2007-08. The word “or assessable” inserted in Section 50C by Finance Act, 2009 with effect from 01/04/2009 is applicable from 2009-10 only and hence provisions of Section 50C cannot be applied in the year under consideration. Therefore, Capital Gain cannot be assessed u/. 50C in the case of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n assessed in the case of Jhonson Electric Co. Pvt. Ltd. which had purchased the property from the assessee. Therefore, CIT(A) has rightly hold that property cannot again be assessed in the hands of assessee. - Decided against revenue. - ITA. No: 259/AHD/2017 - - - Dated:- 30-10-2018 - Shri Pramod Kumar, Accountant Member And Shri Mahavir Prasad, Judicial Member For the Appellant :ShriLali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee, the Assessing officer assessed Long Term Capital Gains from the sale of immovable property at ₹ 1,83,76,000/- u/s. 50C and this issue has been discussed by the Assessing Officer in Para-4 of the assessment order. 3. Thereafter assessee preferred first statutory appeal before the ld. CIT(A) who partly allowed the appeal of the assessee. 4. Now Department is before us. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessable inserted in Section 50C by Finance Act, 2009 with effect from 01/04/2009 is applicable from 2009-10 only and hence provisions of Section 50C cannot be applied in the year under consideration. Therefore, Capital Gain cannot be assessed u/. 50C in the case of assessee. 6. Now property under consideration stood transferred on 15/07/2006 on handing over of the possession to Jhonson Ele ..... X X X X Extracts X X X X X X X X Extracts X X X X
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