TaxTMI 
TaxTMI 
2023 (6) TMI 1403
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....tion between M/s. Living Media India Private Limited and M/s. Maccons Infra Private Limited in respect of Plot No.B, admeasuring 20,000 sq mtrs at 132, Gautam Budh Naga, Noida for an agreed circle rate of Rs. 18000 per sq. mtrs. i.e. 36 crores whereas the circle rate of the property at the time of sale was Rs.28000 per sq. mtr i.e. sale value of Rs. 56 crore. 4. The assessee was served a notice and was directed to provide certified copy of agreement to sell 30.05.2013 and subsequent transfer deed cum sale deed between the same parties executed on 11.10.2013. 5. Necessary details were submitted by the assessee and on perusal of the documents the AO came to the conclusion that the assessee have sold the land for Rs.36 crores whereas the....
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....contra the Counsel for the assessee reiterated what has been stated before the lower authorities and once again relied upon the several decisions of the coordinate Benches emphasizing that the impugned amendment is retrospective. 10. We have carefully considered the orders of the authorities below. In so far as the dates of agreement to sell and the actual transfer of property are concerned there is no dispute. The only quarrel is whether the stamp duty valuation has to be taken on the date of agreement to sell or on the date of the sale deed since both the dates are falling within the same financial year. 11. First and second proviso to section 50C (1) read as under :- "Provided that where the date of the agreement fixing th....
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.... of Rs.10 lakhs. It is also an admitted fact that there is no registered conveyance deed. We find the Assessing Officer, relying on the provisions of section 53A and the provisions of section 2(47)(v) of the IT Act, treated the property as a capital asset and treated the profit from sale of such property as short term capital gain in the hands of the assessee. Further, the Assessing Officer has also invoked the provisions of section 50C and adopted the circle rate of the property as on 22nd July, 2011 at Rs. 16,000/- per sq. yard as against the circle rate of 11,000/- as on 25th March, 2011 contended by the assessee and calculated the full value of the consideration at Rs.57,21,600/- as against the actual sale consideration of Rs.42 lakhs. ....
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....d 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:" The above proviso was inserted by the Finance Act, 2016 w.e.f. 01.04.2017. Therefore, the question that has to be decided is as to whether the above amendment is prospective in nature i.e., will be applicable from A.Y. 2017-18 or is retrospective in nature being curative in nature. We find identical issue had come up before the Ahmedabad Bench of the Tribunal in the case of Dharamshibhai Sonani versus ACIT (supra) where it has been held that amendment to section 50C introduced by the Finance Act, 2016 for determining full value of consideration in the case of involved p....