https://www.taxtmi.com/caselaws?id=756461 ITAT Delhi held that no addition under Section 50C was warranted where assessee sold plot through 2003 agreement receiving Rs. 4,50,000 while remaining Rs. 4,76,000 was paid directly to Noida Authorities by buyer in 2007. Since transaction concluded in 2003 with prevailing circle rate applicable at agreement date, and remaining payment went to authorities rather than assessee, taxable consideration should be determined based on 2003 rates. Assessee's appeal allowed. en-us Thu, 30 May 2024 00:00:00 +0530 Sat, 03 Aug 2024 08:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756461 ITAT Delhi held that no addition under Section 50C was warranted where assessee sold plot through 2003 agreement receiving Rs. 4,50,000 while remaining Rs. 4,76,000 was paid directly to Noida Authorities by buyer in 2007. Since transaction concluded in 2003 with prevailing circle rate applicable at agreement date, and remaining payment went to authorities rather than assessee, taxable consideration should be determined based on 2003 rates. Assessee's appeal allowed. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756461