https://www.taxtmi.com/caselaws?id=750660 ITAT Surat held that the assessee was entitled to benefit of first and second provisos to Section 50C for computing long-term capital gains. The first proviso allows adoption of stamp valuation authority value on agreement date when agreement and registration dates differ. The second proviso requires consideration receipt through account payee cheque or banking channel. Since the assessee received part consideration prior to sale agreement execution in June 2011 through proper banking channels, and the sale consideration of Rs. 1.94 crore exceeded the jantri rate of Rs. 64,82,526 applicable on agreement date, the addition made by AO under Section 50C was deleted. en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 22:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750660 ITAT Surat held that the assessee was entitled to benefit of first and second provisos to Section 50C for computing long-term capital gains. The first proviso allows adoption of stamp valuation authority value on agreement date when agreement and registration dates differ. The second proviso requires consideration receipt through account payee cheque or banking channel. Since the assessee received part consideration prior to sale agreement execution in June 2011 through proper banking channels, and the sale consideration of Rs. 1.94 crore exceeded the jantri rate of Rs. 64,82,526 applicable on agreement date, the addition made by AO under Section 50C was deleted. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750660