TaxTMI Login
AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Just a moment...
AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether, for the purpose of section 50C, the stamp duty value on the date of the agreement to sell could be adopted as the full value of consideration where part consideration had been received through banking channels before the sale deed was registered.
Analysis: The agreement to sell was found to be enforceable and acted upon, as part of the sale consideration had been received by account payee cheque and the same was reflected in the sale deed. The earlier decision relied upon held that where an agreement fixing consideration preceded registration and the transaction was supported by payment through banking channels, the relevant stamp duty value could be taken with reference to the date of agreement rather than the date of registration. The Tribunal also noted the legislative amendment to section 50C, which recognised relief in such cases and treated the amendment as clarificatory in nature.
Conclusion: The stamp duty value on the date of the agreement to sell had to be adopted for computing capital gains, and the addition made by adopting the later registered value was not sustainable; the issue was decided in favour of the assessee.
Final Conclusion: The appeal succeeded on the principal capital gains issue, while the remaining grounds were either not pressed, consequential, or premature.
Ratio Decidendi: Where an enforceable agreement to sell fixes the consideration and part of that consideration is received through banking channels before registration, section 50C is to be applied with reference to the stamp duty value on the date of the agreement, not the later registration date.
TaxTMI 
