https://www.taxtmi.com/caselaws?id=405551 The ITAT allowed the appeal of the assessee, holding that the addition of Rs. 16,89,423 was unwarranted. The ITAT found that the proviso to Section 50C of the Act could be applied retrospectively, allowing the consideration received at the time of the agreement to be used for computing the full value of consideration for the transfer. Additionally, the ITAT concluded that purchasing a property in the spouse's name did not disqualify the assessee from claiming exemption under Section 54F. As a result, the ITAT directed the deletion of the addition, ruling in favor of the assessee. en-us Fri, 12 Mar 2021 00:00:00 +0530 Tue, 23 Mar 2021 08:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405551 The ITAT allowed the appeal of the assessee, holding that the addition of Rs. 16,89,423 was unwarranted. The ITAT found that the proviso to Section 50C of the Act could be applied retrospectively, allowing the consideration received at the time of the agreement to be used for computing the full value of consideration for the transfer. Additionally, the ITAT concluded that purchasing a property in the spouse's name did not disqualify the assessee from claiming exemption under Section 54F. As a result, the ITAT directed the deletion of the addition, ruling in favor of the assessee. Case-Laws Income Tax Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405551