https://www.taxtmi.com/caselaws?id=371981 Where rights in immovable property had already passed under earlier agreements and the possession and beneficial interest stood transferred long before the later conveyance, a subsequent deed executed to complete statutory or contractual formalities did not amount to a fresh transfer for section 50C purposes. The valuation adopted for stamp duty could not be used to recast capital gains on that later conveyance; any taxability, if applicable, had to relate to the actual consideration connected with the earlier transfer. The section 50C addition was therefore unsustainable and the assessee's relief was upheld. en-us Tue, 11 Dec 2018 00:00:00 +0530 Sat, 15 Dec 2018 09:59:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371981 Where rights in immovable property had already passed under earlier agreements and the possession and beneficial interest stood transferred long before the later conveyance, a subsequent deed executed to complete statutory or contractual formalities did not amount to a fresh transfer for section 50C purposes. The valuation adopted for stamp duty could not be used to recast capital gains on that later conveyance; any taxability, if applicable, had to relate to the actual consideration connected with the earlier transfer. The section 50C addition was therefore unsustainable and the assessee's relief was upheld. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371981