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When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed.
When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed.
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