https://www.taxtmi.com/caselaws?id=446041 ITAT HC allowed assessee's appeal regarding capital gains computation on land sale across two assessment years. AO applied section 50C using stamp duty value of Rs. 1200 per sq ft for developed land, but ITAT held this incorrect since assessee sold undeveloped land via registered GPA in 2013 at Rs. 90 lakhs per acre guideline value. Court ruled that when agreement date differs from registration date, stamp valuation authority's value on agreement date should apply. Since assessee sold at Rs. 1.05 crores against Rs. 90 lakhs guideline value, AO unjustified in adopting higher developed land rates. en-us Thu, 19 Oct 2023 00:00:00 +0530 Fri, 24 Nov 2023 07:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446041 ITAT HC allowed assessee's appeal regarding capital gains computation on land sale across two assessment years. AO applied section 50C using stamp duty value of Rs. 1200 per sq ft for developed land, but ITAT held this incorrect since assessee sold undeveloped land via registered GPA in 2013 at Rs. 90 lakhs per acre guideline value. Court ruled that when agreement date differs from registration date, stamp valuation authority's value on agreement date should apply. Since assessee sold at Rs. 1.05 crores against Rs. 90 lakhs guideline value, AO unjustified in adopting higher developed land rates. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446041