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TMI Blog2020 (2) TMI 1444X X X X Extracts X X X X X X X X Extracts X X X X ..... ers ed in the case of Bharathi Dev Anandani vs. ACIT [ 2016 (4) TMI 77 - ITAT BANGALORE ] and in the case of M/s Universal Power Transformer Pvt. Ltd. Vs. DCIT [ 2019 (8) TMI 177 - ITAT BANGALORE ] we hold that the Stamp Duty Value as on the date of sale agreement on 07.08.1995 should be adopted to work out capital gain u/s 50C in both these cases as against the stamp Duty Value as on date of the sale deed as adopted by the AO. This issue is decided in favour of the assessee. - SHRI ARUN KUMAR GARODIA, AM AND SHRI PAVAN KUMAR GADALE, JM For the Assessee : Shree H. Guruswamy, ITP For the Revenue : Shri M. K. Biju, Addl. CIT DR ORDER PER SHRI A.K. GARODIA, AM: Both these appeals are filed by the two different but connected assesses. These t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of K. R. Palani Swamy vs. Union of India, 2008 TMI 30601 dated 05.08.2008 and held that since the process of sale has been initiated from the date of sale agreement, the applicability of the provisions of section 50C should be looked at only on the date of sale agreement. He also placed reliance on a recent tribunal order rendered in the case of M/s Universal Power Transformer Pvt. Ltd. Vs. DCIT in ITA No. 2511/Bang/2018 dated 31.07.2019 and submitted a copy of this tribunal order. He drawn our attention to Para 15 of this tribunal order and pointed out that in this para, the tribunal has followed the same judgment of Hon ble apex court rendered in the case of K. P. Varghese vs. ITO (Supra) and held that if sale consideration ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s noted by CIT (A) also in Para 5.3 of his order dated 05.01.2016 in the case of Shri V. M. Harikrishna. In the same para of his order, this is also noted by CIT (A) that against the agreed sale consideration of ₹ 15 lacs for 1/3rd share, total value ₹ 45 lacs, an amount of ₹ 7.03. Lacs was received as advance and the details of this amount of ₹ 7.03 lacs is available in the said Agreement of sale as noted above. In the light of these facts, when we examine the applicability of these two tribunal orders cited by the learned AR of the assessee having been rendered in the case of Bharathi Dev Anandani vs. ACIT (Supra) and in the case of M/s Universal Power Transformer Pvt. Ltd. Vs. DCIT (Supra), we find that these are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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