https://www.taxtmi.com/caselaws?id=756054 The ITAT Delhi allowed the appeal regarding LTCG deduction under section 54F and circle rate valuation under section 50C. The tribunal held that the First Proviso to Section 50C, inserted by Finance Act 2016, applies retrospectively to agreements executed before the amendment where earnest money was paid, supported by bank statements. The CIT(A) erred in holding the provision prospective. The tribunal also found that tax authorities incorrectly denied section 54F deduction when the entire amount was paid and possession delivered under the agreement to sell. The matter was remanded to the AO for fresh computation of capital gains with proper consideration of these findings. en-us Tue, 23 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756054 The ITAT Delhi allowed the appeal regarding LTCG deduction under section 54F and circle rate valuation under section 50C. The tribunal held that the First Proviso to Section 50C, inserted by Finance Act 2016, applies retrospectively to agreements executed before the amendment where earnest money was paid, supported by bank statements. The CIT(A) erred in holding the provision prospective. The tribunal also found that tax authorities incorrectly denied section 54F deduction when the entire amount was paid and possession delivered under the agreement to sell. The matter was remanded to the AO for fresh computation of capital gains with proper consideration of these findings. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756054