2011 (8) TMI 1227

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....t against the order of ld. CIT (A) relating to assessment year 2006-07. 2. The department is objecting in deleting addition made by AO by applying provisions of section 50C of the Act. 3. The AO computed capital gain at ₹ 26,36,153/- as against ₹ 4,93,955/-. The AO, however, by applying provisions of section 50C has adopted deemed full value of consideration at ₹ 30,63,132/- an....

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....ubmitted that Finance (No.2) Act, 2009 has amended section 50C by which the word "assessable" has been inserted in it with effect from 1.10.2009. The word "assessable" has been defined in newly added Explanation 2 to the said section 50C with effect from 1.10.2009. Accordingly it was submitted that in view of legal position, application of section 50C is not justified. The contention of the assess....

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....on to 'adopted' or 'assessed' became effective only from 1.10.09. The amendment is not retrospective and, therefore, it can be said that prior to 1.10.09 provisions of section 50C can not be applied where the property under consideration was not registered. Accordingly, the appeal of the assessee on this issue was allowed by ld. CIT (A). 4. Now the department is in appeal here before the Tribunal....