Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted.

Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted. https://www.taxtmi.com/highlights?id=80079 When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed. en-us Sat, 03 Aug 2024 08:09:33 +0530 Sat, 03 Aug 2024 08:09:33 +0530 TaxTMI RSS Generator Assessee sold plot in 2003, paid remaining amount in 2007. Transaction concluded in 2003 as per circle rate. No addition u/s 50C warranted. https://www.taxtmi.com/highlights?id=80079 When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed. Highlights Income Tax Sat, 03 Aug 2024 08:09:33 +0530 https://www.taxtmi.com/highlights?id=80079