Maria Fernandes Cheryl v. ITO ( 2021) BCAJ – February – P. 47 ( Mum) (Trib)

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Insertion of the proviso and subsequent enhancement in its limits to 10% – Curative in nature – Relates back to the date when the statutory provision of section 50C was enacted . i. e . 1 st April , 2003 [ S.43CA, 45, 56 ]

Allowing the appeal of the assessee the Tribunal held that  CBDT in Circular No 8 of 2018 dt .26 -12-208 (2019) 410 ITR 1 (St) has accepted that there could be various bonafide reasons explaining the small variations between sale consideration of immoveable property as disclosed by the assessee and Stamp duty valuation . Tribunal held that,  insertion of the proviso and subsequent enhancement in its limits to 10%  were curative in nature and therefore the same  relates back to the date when the statutory provision of  section 50C was enacted . i. e . 1 st April , 2003. ( ITA No. 4850/Mum/ 2019 dt 15 -1 2021 ) ( AY. 2011-12)