Assessee, an individual, sold two properties and received sale consideration of Rs. 3.95 crores.\u00a0 He offered Rs. 50,000 towards short-term capital gain (STCG) after adjusting cost of acquisition.\u00a0 Assessing Officer had adopted sale consideration as against market value adopted by SRO of Rs. 5.88 crores.\u00a0 He\u00a0 taxed\u00a0\u00a0 difference of Rs. 1.93 crores as STCG after excluding adjustment of Rs. 50,000 which was already declared by assessee while filing return of income.\u00a0 Commissioner (Appeals) invoked provisions of section 50C(2) read with section 50C(3) and referred matter to DVO.\u00a0 DVO determined value of property at Rs. 8.23 crores\u00a0 as on 30-12-2015.\u00a0 Adopting value arrived at by DVO, Assessing Officer computed capital gains. On appeal the Tribunal held that since though agreement to sell properties was entered into by assessee on 30-12-2015, however, part consideration was received on 14-8-2014, provisions of section 50C adopting value for stamp duty purposes as on date of sale deed i.e. 30-12-2015 could not be applied but value as on date of agreement\/date of receipt of advance i.e. 14-8-2014 was to be applied. Therefore, Assessing Officer was to be directed to adopt actual sale consideration declared and accepted on date of agreement entered into by assessee to compute capital gains. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement to sell properties on 14-8-2014 and received part consideration of certain amount-Agreement to sell those properties were registered on 30-12-2015, provisions of section 50C adopting value for stamp duty purposes as on date of sale deed i.e. 30-12-2015 could not be applied but value as on date of agreement\/date of receipt of advance i.e. 14-8-2014 is to be applied.[S. 45] <\/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-48084","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cvy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48084","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=48084"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48084\/revisions"}],"predecessor-version":[{"id":48085,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48084\/revisions\/48085"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}