Assessee co-owner of a land transferred land under a Joint Development Agreement (JDA) for a consideration of certain amount. Some consideration was paid and balance to be settled by handing over saleable value of constructed area. The assessee computed the capital gains on the basis of actual consideration which was shown as per the joint development agreement. Assessing Officer adopted higher value of consideration by taking ready reckoner value/circle value of saleable area against actual consideration shown by assessee drawing guidance from provision of section 45(5A) of the Act. On appeal CIT (A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that  provisions of section 45(5A) which were brought into statute by Finance Act, 2017 with effect from assessment year 2018-19 could not be applied during relevant assessment year. The Tribunal also held that the Assessing Officer should not have adopted ready reckoner value for purpose of determining fair market value of saleable constructed area, inasmuch as, it did not reflect fair market value and since value adopted for stamp duty purpose was lower than agreed consideration, provisions of section 50C also not applicable. Addition was deleted.  (AY. 2015-16)