Assessee entered in to an agreement to sell between assessee-HUF and purchaser in September, 1966, whereby, purchaser agreed to purchase property for Rs. 1 lakh and paid earnest money of Rs. 5000 but due to litigation in Civil Court, sale deed was executed later on 29-11-2010. AO applied the stamp duty valuation . Tribunal held that when the sale deed of September 1966 for calculating long-term capital gains would have to be considered and, thus, provisions of S. 50C which were not applicable in that year could not be invoked . ( AY. 2011-12)
Hari Mohan Das Tandon (HUF) v. PCIT (2018) 169 ITD 639 (All) (Trib.)
S. 50C : Capital gains – Full value of consideration – Stamp valuation – Agreement to sell for property was entered on September 1966 though registered on 29-11-2010, stamp valuation on the date of registration cannot be applied as the provision of S.50C was not in the statute when the agreement to sell for property was entered . [ S.45, 48 ]