Allowing the appeal of the assessee the Tribunal held that since sale deed was executed on 10-8-2009, capital gain would be brought to tax in assessment year 2010-11. S. 50C does not operate to change year of transfer as laid down in S. 45(1). Followed Gurbax Singh v. Kartar Singh (2002) 254 ITR 112 (SC), wherein the Court held that provisions of section 47 of the Indian Registration Act, 1908 will take effect from the time when it was executed and not from of its registration. (AY. 2011-12)
Ayi Vaman Narasimha Acharya v. DCIT (2021) 188 ITD 1 / 212 TTJ 91 / 202 DTR 111(SMC) (Bang.)(Trib.)
S. 45 : Capital gains-Date of sale agreement and date of registration-Capital gain is taxable in the year of sale agreement and not in the year of registration. [S.50C Indian Registration Act, 1908, S. 47]