https://www.taxtmi.com/caselaws?id=216874 Section 50C of the Income-tax Act was held inapplicable where the land transfer had been substantially completed before the provision came into force, with possession handed over, substantial consideration received, and Chapter XX-C approval already obtained; substitution of consideration on a circle-rate basis without an actual stamp valuation was therefore unjustified. Capital gains were also held not taxable in the later year because the property had been effectively transferred earlier, and the later year reflected only the final instalment and completion of formal documentation. The assessee's treatment was accepted and the departmental appeals failed. en-us Wed, 04 Jul 2012 00:00:00 +0530 Mon, 24 Sep 2012 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216874 Section 50C of the Income-tax Act was held inapplicable where the land transfer had been substantially completed before the provision came into force, with possession handed over, substantial consideration received, and Chapter XX-C approval already obtained; substitution of consideration on a circle-rate basis without an actual stamp valuation was therefore unjustified. Capital gains were also held not taxable in the later year because the property had been effectively transferred earlier, and the later year reflected only the final instalment and completion of formal documentation. The assessee's treatment was accepted and the departmental appeals failed. Case-Laws Income Tax Wed, 04 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216874