Held\u00a0 that the bank statement of the assessee showed that the Rs. 20 lakhs were received by the assessee by cheques dated June 15, 2006 and September 15, 2006 and Rs. 2 lakhs in cash in terms of the original sale agreement dated June 15, 2006. The amendment to section\u00a050C\u00a0introduced by the\u00a0Finance Act, 2016\u00a0for determining the full value of consideration in the case of immovable property is curative in nature and will apply retrospectively. Therefore, the value adopted or assessed or assessable by the stamp valuation authority on the date of the agreement had to be taken for the purpose of full value of the consideration. The Assessing Officer was to verify the circle rate on the date of agreement and adopt it for the purpose of calculation of the capital gains in the hands of the assessee. Matter remanded.(AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation Amendment providing for adoption of value as on date of agreement is retrospective . As Amended By Finance Act, 2016. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44780","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bEg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44780"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44780\/revisions"}],"predecessor-version":[{"id":44781,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44780\/revisions\/44781"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}