https://www.taxtmi.com/caselaws?id=265817 The Supreme Court held that Section 50C was not applicable in the case as the transfer of the property took place in 2001 when the agreement was made, prior to the insertion of Section 50C in 2003. Therefore, the Assessing Officer was incorrect in applying Section 50C to compute capital gains for the assessment years 2003-04 and 2004-05. The Court dismissed the appeals in favor of the assessees, ruling against the Department on the question of law regarding the applicability of Section 50C. en-us Mon, 12 Oct 2015 00:00:00 +0530 Fri, 16 Oct 2015 06:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265817 The Supreme Court held that Section 50C was not applicable in the case as the transfer of the property took place in 2001 when the agreement was made, prior to the insertion of Section 50C in 2003. Therefore, the Assessing Officer was incorrect in applying Section 50C to compute capital gains for the assessment years 2003-04 and 2004-05. The Court dismissed the appeals in favor of the assessees, ruling against the Department on the question of law regarding the applicability of Section 50C. Case-Laws Income Tax Mon, 12 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265817