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TMI Blog2015 (11) TMI 1515X X X X Extracts X X X X X X X X Extracts X X X X ..... hould be looked at only on the date of sale agreement. CIT(A) was correct in holding that the SRO value as on the date of the agreement of sale has to be considered under the provisions of section 50C of the I.T. Act. - ITA No. 877/Hyd/2015 - - - Dated:- 4-11-2015 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Appellant by : Shri B. Kurmi Naidu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7/2007 and the same may be treated as filed in response to the notice u/s 148 of the Act. Thereafter, the AO proceeded to compute capital gains declared by assessee from the sale of house property at Jubilee Hills, Hyderabad adopting the sale value at ₹ 3,50,00,000. The AO observed that assessee had sold house property for a sum of ₹ 3,50,00,000 on 15/02/2007 whereas the SRO, Banjara H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07 and has paid registration charges and as per clause 10 of the sale deed, assessee has delivered the vacant physical possession of the property to the second party on 15/02/2007 and, therefore, value of the SRO on the date of registration only has to be adopted u/s 50C of the Act. He accordingly computed the capital gains. Aggrieved, the assessee preferred an appeal before the CIT(A). 4. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce on the decisions of the Tribunal in the cases relied upon by the CIT(A). 7. Having regard to the rival contentions and the material on record, we find that the only issue before us is the value to be adopted u/s 50C whether as on the date of agreement of sale or as on the date of registration. We find that similar issue came up for consideration before the ITAT, Vizag Bench in the case of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of which is filed at pages 5 to 15 of the paper book filed by the assessee. The judgment on which the ld. DR has placed reliance only dealt with the issue as to the applicability of provisions of section 50C and not the date on which the provisions of section 50C are to be applied. Therefore, the said decision does not come to the rescue of the revenue. In view of the above, and respectfully foll ..... X X X X Extracts X X X X X X X X Extracts X X X X
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