https://www.taxtmi.com/caselaws?id=294006 The court upheld the order rejecting the revision petition under section 264 of the Income Tax Act, 1961, due to the delay in filing. The petitioner's challenge on the non-granting of exemption under section 54B was not disputed, but the dispute regarding the revised capital gain under section 50C was contested. The petitioner argued that the Jantri rates revised on the registration date should have been considered for computing the full value of consideration, as per the proviso to subsection (1) of section 50C. The court issued a notice returnable for further proceedings. en-us Mon, 08 Oct 2018 00:00:00 +0530 Sun, 14 Mar 2021 20:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294006 The court upheld the order rejecting the revision petition under section 264 of the Income Tax Act, 1961, due to the delay in filing. The petitioner's challenge on the non-granting of exemption under section 54B was not disputed, but the dispute regarding the revised capital gain under section 50C was contested. The petitioner argued that the Jantri rates revised on the registration date should have been considered for computing the full value of consideration, as per the proviso to subsection (1) of section 50C. The court issued a notice returnable for further proceedings. Case-Laws Income Tax Mon, 08 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294006