https://www.taxtmi.com/caselaws?id=457100 The ITAT Hyderabad held that section 50C provisions for determining sale consideration of immovable property are retrospective in nature, following the precedent in CIT vs. Shri Vummundi Amarendran. The assessee received Rs. 22 lakhs (Rs. 20 lakhs via cheques and Rs. 2 lakhs cash) per sale agreement dated 15.06.2006. The tribunal directed the Assessing Officer to verify and adopt the circle rate as on the agreement date for calculating capital gains, allowing the assessee's grounds for statistical purposes. en-us Thu, 31 Aug 2023 00:00:00 +0530 Thu, 05 Sep 2024 21:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457100 The ITAT Hyderabad held that section 50C provisions for determining sale consideration of immovable property are retrospective in nature, following the precedent in CIT vs. Shri Vummundi Amarendran. The assessee received Rs. 22 lakhs (Rs. 20 lakhs via cheques and Rs. 2 lakhs cash) per sale agreement dated 15.06.2006. The tribunal directed the Assessing Officer to verify and adopt the circle rate as on the agreement date for calculating capital gains, allowing the assessee's grounds for statistical purposes. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457100