2022 (11) TMI 991

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....ing the appeal of the assessee. 2. On the facts and in the circumstance of the case and in law the CIT(A) was incorrect and unjustified in holding that proviso to section SOC is not applicable to the assessee and also stating that the copy of the agreement dated 19/5/2012 and also the payment of the same day prior to 1/4/2017 Is not helpful to the assessee. 3. On the facts and in the circumstance of the case and in law the CIT(A) was incorrect and unjustified in holding that the AO was justified in treating the long term capital of Rs.65,94,414/- as liable to tax on account of capital gain. 4. On the facts and in the circumstance of the case and in law the CIT(A) was incorrect and unjustified in holding that the proviso to section ....

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....1,53,00,000/- vide agreement to sell dated 19.05.2012 and the assessee has only completed the contractual obligation imposed upon it by virtue of the sale agreement by executing the sale deed on 31.12.2014. AO further noted that assessee has not submitted any documentary evidence regarding cost of improvement of Rs.75,000/- relating to the expenses on boundary wall and gate and claimed index value of Rs.1,21,519/-. AO disallowed the same. Further, AO disallowed Rs.10,112/- as indexed value of taxes paid to the MCD. Accordingly, AO made the addition in the hands of the assessee. 4. Ld. CIT (A) summarized the assessee's case as under :- "7. I have examined the facts at hand. I have perused theappellant's submissions. This is a case whe....

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.... section 50C which reads as follows, is applicable with effect from 01.04.2017. "Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset) being land or building or both) is less than the Value adopted or assessed [or assessable} by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer) the value so adopted or assessed (or assessable) shall) for the purposes of section 48) be deemed to be the full value of the consideration received or accruing as a result of such transfer." In fact, the explanatory circular-from 01.04.2017 being circular No.3 of 2017, clearly m....

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....nd the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed], on or before the date of the agreement for transfer.]" 8. Referring to the above, ld. Counsel of the assessee submitted that assessee's case du....