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TMI Blog2018 (8) TMI 2005X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 20,07,145 made by the AO is therefore, directed to be deleted. This view is further supported by the provision of section 56(2)(vii) has specifically provided that where the agreement for fixing the amount of consideration for the transfer of property and the date of registration are not the same, the stamp value on the date of the agreement may be taken for the purpose of this sub-clause. It has been also provided further that the said provisions shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property. Similarly, other provisions of section 43CA are also have same ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of registration of sale deed as against the fair market value of ₹ 35 Lakh as mentioned in agreement to sale dtd. 04.07.2010 by the assessee and stamp duty valuation at ₹ 23,73,710 as on the date of agreement to sale dtd. 04.07.2010 as the stamp duty has been revised with effect from 18.04.2011. The ld. A.R. submitted that the provisions of section 56(2)(vii) has specifically provided that where the agreement for fixing the amount of consideration for the transfer of property and the date of registration are not the same, the stamp value on the date of the agreement may be taken for the purpose of this sub-clause. It is also provided further that the said provisions shall apply only in a case where the amount of conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable retrospective as held by Co-ordinate Bench of Ahmedabad tribunal in the case of Dharamsibhai Sonani v ACIT [2016] 161 ITD 627(Ahmedabad) wherein it has been held that the proviso to section 50C has a retrospective effect from 01.04.2003, hence, it was urged upon us that said proviso is applicable to the present case. The ld. A.R. further submitted that this decision has been followed by division bench of Ahmedabad tribunal in the case of Hansaben Bhaulabhai Parajapati v. ITO [2017] 51 CCH 289 Ahd-Trib wherein it was held that where date of agreement fixing amount of consideration and date of registration regarding transfer of capital asset in question not same, value adopted or assessed or assessable by Stamp Valuation authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty sold. In the case of the assessee, a sum ₹ 3 lakh has been received on the date of the agreement by way of cheque, therefore, the fair market value available as on the date of agreement or stamp duty value on the date of agreement to sale whichever is higher is to be adopted for the purpose of section 50C(1) of the Act. Though the proviso has been inserted with effect from 01.04.2017 but same being clarificatory in nature is applicable retrospective in nature as held by Co-ordinate Bench of Ahmedabad tribunal in the case of Dharamsibhai Sonani v ACIT [2016] 161 ITD 627 (Ahmedabad- Trib) wherein it has been held that the proviso to section 50C has a retrospective effect from 01.04.2003, hence, the said proviso is applicable to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement for fixing the amount of consideration for the transfer of property and the date of registration are not the same, the stamp value on the date of the agreement may be taken for the purpose of this sub-clause. It has been also provided further that the said provisions shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property. Similarly, other provisions of section 43CA are also have same effect. In the light of above backdrop, the addition of ₹ 20,07,145 made by the AO is deleted. Accordingly, this ground of appeal is allowed. 6. In the result, the appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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