TMI Blog2018 (11) TMI 1699X X X X Extracts X X X X X X X X Extracts X X X X ..... re the Ahmedabad Bench of the Tribunal in the case of Dharamshibhai Sonani versus ACIT [ 2016 (9) TMI 1259 - ITAT AHMEDABAD] where it has been held that amendment to section 50C introduced by the Finance Act, 2016 for determining full value of consideration in the case of involved property is curative in nature and will apply retrospectively. As in RAHUL G. PATEL VERSUS DCIT, CIR. 1 (2) , BARODA [ 2018 (9) TMI 1696 - ITAT AHMEDABAD] has held that the proviso to section 50C(1) introduced by the Finance Act, 2016 can be construed as clarificatory in nature and can be applied on pending matters. The various other decisions relied on by the ld. counsel for the assessee also support the case of the assessee that where the date of the agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of ₹ 3,10,000/-. During the year under consideration, the assessee has shown net profit from sale/purchase of properties under the head 'Income from other sources' at ₹ 1,33,200/-. 3. During the course of assessment proceedings, the Assessing Officer asked the assessee to provide the details of sale and purchase of property as well as to justify why the income from sale of property is not to be assessed as 'Capital gain' as against the 'Income from other sources' treated by the assessee. He also asked the assessee to justify the impact of section 50C on the said transaction. The assessee submitted that he has sold the property held by him jointly with Shri Vikas Bansal on 22nd July, 2011 with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mance of a contract of the nature referred to in section 53A of Transfer of Property Act, 1982, therefore, the property is a capital asset as prescribed in section 2(47)(v) of the IT Act, 1961. Therefore, it has to be treated as a capital asset and the asset was a short-term capital asset in the hands of the assessee. The Assessing Officer further noted that the circle rate of the property as on 22nd July, 2011 is ₹ 16,000/- per sq. yard as against the circle rate of ₹ 11,000/- as on 25th March, 2011. Applying the provisions of section 50C, he determined the full value of consideration at ₹ 57,21,600/- as against the actual sale consideration of ₹ 42 lakhs. Accordingly, the Assessing Officer determined the short-term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned CIT(A) has erred both on facts and in law in not considering the circle rate of ₹ 11,745/- per Square yard as exists on the date of agreement to sell while calculating the sales consideration. 5. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that proviso to Section 50C inserted by Finance Act, 2016 is retrospective in nature. 6. The appellant craves leave to add, amend or alter any of the grounds of objection. 5. The ld. counsel for the assessee drew the attention of the bench to the provisions of section 50C(1) and submitted that a perusal of the above provision shows that where the date of the agreement f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and iii) Hansaben Bhaulabhai Prajapati vs. ITO , ITA No.2412/Ahd/2016 (ITAT, Ahmedabad). 6. The ld. DR, on the other hand, heavily relied on the order of the Assessing Officer and CIT(A). 7. I have considered the rival submissions and perused the orders of the authorities below. The undisputed facts in the instant case are that the assessee has purchased the property jointly with Shri Vikas Bansal on 28th July, 2010 for a consideration of ₹ 39,33,600/- which was sold on 22nd July, 2011 for a net consideration of ₹ 42 lakhs. The assessee had entered into an agreement to sell the property on 25th March, 2011 and taken the part payment of ₹ 10 lakhs. It is also an admitted fact that there is no reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the stamp valuation authority ) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer : [Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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