DESH MITTER GAIND,PANCHKULA vs. INCOME TAX OFFICER, WARD-1, PANCHKULA, PANCHKULA, HARYANA

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ITA 454/CHANDI/2023Status: DisposedITAT Chandigarh29 January 2025AY 2011-12Bench: SHRI VIKRAM SINGH YADAV (Accountant Member), SHRI PARESH M. JOSHI (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the proviso to Section 50C, which allows consideration based on the agreement date, was introduced prospectively from 01.04.2017. Therefore, it could not be applied retrospectively to the assessee's case, and the AO's addition was upheld.

What were the facts?

The assessee sold an immovable property for Rs. 2,42,00,000, but the stamp duty valuation was Rs. 3,16,20,230. The Assessing Officer (AO) invoked Section 50C, treating the difference as capital gains. The assessee argued that an agreement to sell was made earlier when the stamp duty rate was lower.

What were the issues?

The primary issue was whether the amended provisions of Section 50C, allowing consideration based on the agreement date, could be applied retrospectively to a transaction prior to its amendment.

Which sections of the Income-tax Act were involved?

Section 50C,Section 48,Section 253,Section 250,Section 148,Section 143(3),Section 147,Section 246A

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Income Tax Appellate Tribunal, CHANDIGARH

Before: SHRI VIKRAM SINGH YADAV & SHRI PARESH M. JOSHI,

For Appellant: Shri Yogesh Monga, CA
For Respondent: Shri Vivek Vardhan, JCIT-Sr.DR
Hearing: 25.11.2024Pronounced: 29.01.2025
14.

In the premises we set aside the impugned order and allow the appeal of the assessee.

15.

In result appeal of assessee is allowed.

Order pronounced on 29.01.2025.

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