https://www.taxtmi.com/caselaws?id=307120 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition under section 50C of the Income Tax Act for A.Y. 2012-13. The ITAT held that the proviso to Sec. 50C, with retrospective effect, should govern the computation of the full value of consideration based on the timing of the agreement and receipt of consideration. The case involved the sale of a bungalow where the stamp duty valuation authority valued the property higher than the consideration shown by the assessee, emphasizing the importance of the proviso and its retrospective application. en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 20 Mar 2023 21:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307120 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition under section 50C of the Income Tax Act for A.Y. 2012-13. The ITAT held that the proviso to Sec. 50C, with retrospective effect, should govern the computation of the full value of consideration based on the timing of the agreement and receipt of consideration. The case involved the sale of a bungalow where the stamp duty valuation authority valued the property higher than the consideration shown by the assessee, emphasizing the importance of the proviso and its retrospective application. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307120