TaxTMI 
TaxTMI 
TaxTMI 
2021 (3) TMI 879
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. 3. As per the facts of the present case, the assessee derived income from house property, capital gain and interest. He filed his return of income on 14/06/2012 declaring total income of Rs. 1,73,050/-. The assessment was completed U/s 143(3)/147 of the Act on 29/09/2017 by assessing total income of assessee at Rs. 17,50,620/-. 4. Being aggrieved by the order of the A.O., the assessee carried the matter before the ld. CIT(A). However, the ld. CIT(A) after considering the case of both the parties, sustained the addition made by the A.O. Against the order of the ld. CIT(A), the assessee has preferred present appeal before the ITAT....
X X X X Extracts X X X X
X X X X Extracts X X X X
....llments i.e. Rs. 4,50,000/- on 16/11/2010 and Rs. 6,75,000/- on 08/12/2010 and the said amount was deposited in the bank account maintained by the assessee and consequently, possession of the property was handed over to the purchaser and in this way, entire transactions were completed. It was submitted that the registration of the plot in question took place in April, 2011 and at that time the DLC value per Sq.Mt. was increased from Rs. 1500/- to Rs. 2000/- per Sq.Mt., consequently, the A.O. applied increased DLC value while calculating the sale price of the plot in question. The ld AR has drawn our attention to the copy of sale deed which is at page No. 3 to 9 of the paper book which also reflects that the total sale consideration of Rs. 1....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ld DR. the only dispute which has accrued before us is with regard to applicability of the proviso to Section 50C of the Act. According to the ld DR, since the amendment introduced only with prospective effect from 01/04/2017, therefore, the assessee is not entitled to taken benefit of the said proviso. On the contrary, the Coordinate Bench of the Ahmadabad Tribunal in the case of Dharamshibhai Sonani Vs ACIT in ITA No. 1237/Ahd/2013 decision dated 30/09/2016 has categorically held that proviso to Section 50C of the Act being curative in nature and thus could have been retrospective applicability. The said decision has further been followed by another Coordinate Bench of ITAT Ahmedabad in the case of Smt. Kundanben Ambalal Shah Vs ITO in I....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the sale deed, therefore, the amount received by the assessee at the time of entered into an agreement has to be taken for the purpose of computing full value of consideration for such transfer. 9. From perusal of the record, we also observed that the assessee as placed on record a chart which is at page No. 75 of the paper book which contains that similar situated properties were registered and the DLC value was taken at Rs. 1500 per sq.mt. which was registered up to 11/04/2011 and office order from the office of Sr. Regional Manager, RIICO Ltd. Kota dated 09/02/2011 has also been placed on record which shows that the rates of Indraprastha Industrial Area, Kota were revised from Rs. 1500 per sq.mt to Rs. 2000/- per sq. mt. vide office....
X X X X Extracts X X X X
X X X X Extracts X X X X
....placed engineer's valuation report for cost of construction which has not been rebutted by the lower authorities and no fault has been found in the said report. Moreover, as per provisions of Section 54F of the Act, it has already been held by the Coordinate Bench of this Tribunal in the case of Mahadev Balai Vs ITO in ITA No. 333/JP/2016 decided on 26/12/2016 and held that there is no impediment in the assessee's claim for relief U/s 54F of the Act as the assessee had purchased the property in the name of his wife. Further the Coordinate Bench of ITAT, Chandigarh Benches in the case of ACIT Vs Smt. Sunita Sharma in ITA No. 1156/Chd/2012 decision dated 18/01/2013 has also upheld the said proposition and in the case of Shri Rajkumar Mandhani....