https://www.taxtmi.com/caselaws?id=755284 The ITAT Raipur allowed the assessee's appeal regarding capital gains computation under Section 50C. The tribunal held that the Finance Act 2016 amendment to Section 50C(1) was retrospective and curative in nature, contrary to the CIT(A)'s finding that it applied prospectively. Since the land sale agreement was executed on 31.03.2014 with part consideration received through proper banking channels, the stamp duty value on the agreement date (Rs. 49,86,000) was relevant for capital gains calculation. The tribunal directed the AO to vacate the addition and recompute capital gains using the stamp duty value as on the agreement date, setting aside the CIT(A)'s order. en-us Mon, 08 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 08:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755284 The ITAT Raipur allowed the assessee's appeal regarding capital gains computation under Section 50C. The tribunal held that the Finance Act 2016 amendment to Section 50C(1) was retrospective and curative in nature, contrary to the CIT(A)'s finding that it applied prospectively. Since the land sale agreement was executed on 31.03.2014 with part consideration received through proper banking channels, the stamp duty value on the agreement date (Rs. 49,86,000) was relevant for capital gains calculation. The tribunal directed the AO to vacate the addition and recompute capital gains using the stamp duty value as on the agreement date, setting aside the CIT(A)'s order. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755284