9911796707
TMI Blog2015 (11) TMI 1515X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal by the revenue is directed against the order of CIT(A)-3, Hyderabad for the AY 2007-08. 2. Revenue is aggrieved by the order of the CIT(A) 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. 3. The brief facts of the case are that the assessee, an individual was issued a notice u/s 148 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this value of SRO at the time of registration. During the course of assessment proceedings, the assessee filed a letter dated 30/10/2013 enclosing a copy of purchase deed, valuer's report for the construction of house sold and the agreement of sale dated 14/12/2006 and also stating that market value for the purpose of registration was enhanced by the Govt. on 01/02/2007 from Rs. 30,000 to Rs. 35,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s & Anr. Vs. ACIT (ITA No. 556 and 557/Vizag/2008, dated 02/07/10) (Visakhapatnam) and M/s Lahiri Promoters (ITA No. 12/Vizag/2009, dated 22/06/2010) by holding that SRO market value as on the date of agreement of sale has to be considered for the computation of capital gain. Aggrieved by the relief granted by CIT(A), the revenue is in appeal before us. 5. At the time of hearing, the ld. DR suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id down by the Hon'ble Supreme Court in the case of K.P.Varghese Vs Income tax Officer and another (131 ITR 597) and also considering the decision of Hon'ble Madras High Court in the case of K.R. Palani Swamy and others Vs. Union of India (2008-TMI-30601 in Appeal No W.P No 4387 of 2003 vide order dated 5-8-08.) has held that since the process of sale has been initiated from the date of sale agree ..... X X X X Extracts X X X X X X X X Extracts X X X X
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