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TMI Blog2017 (9) TMI 1948X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therefore, the provisions of section 50C as on the date of oral agreement have to be considered as held by us in the case of Smt. Mumtaz Begum [ 2015 (11) TMI 1515 - ITAT HYDERABAD] . In the case before us, there is no date of oral agreement and therefore, the payment of advance on 1.7.2011 should be considered as the date of oral agreement. Further, the Legislature had amended the provisions of section 50C w.e.f. 1.4.2017 and in the case of Smt. Chalasani Naga Ratna Kumari [ 2016 (12) TMI 1406 - ITAT VISAKHAPATNAM] has held the said amendment to be applicable retrospectively - we deem it fit and proper to admit the additional ground of appeal and also the additional evidence and remand the same to the file of the AO for verification an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te the legal position that agreement can also be oral and that the payment of advance through cheque evidences agreement and no requirement of referring to agreement and thereby erred in dismissing the additional ground. 5. The learned CIT in confirming the action of the AO in restricting the improvements to ₹ 5,00,000 without appreciating that the AO is not a technical person to determine the value of the structure and further that the matter of improvements were more than two decades old and therefore ought to have directed the AO to allow entire claim of improvement . 2. At the time of hearing, the learned Counsel for the assessee submitted that the assessee does not wish to press ground of appeal No.2 and it is accordingly r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5. The learned Counsel for the assessee has submitted that the assessee has received the entire sale consideration of ₹ 24.00 lakhs for each of the property by way of cheques only and as is seen from the dates of receipt of the payments, some of the payments were received as on 1.7.2011 itself. He submitted that the SRO values were revised subsequently, vide G.O dated 21.09.2011, and therefore, the SRO value on the date of execution of sale deed i.e. 7.10.2011, was much higher than the SRO value on the date of the agreement. He submitted that by virtue of the amendment to section 50C of the Act, the Legislature has provided that where the date of agreement and the date of sale are different then the SRO value on the date of agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h prior to the execution of the sale deed, is supported by the Bank statement. Therefore, we are inclined to admit the additional evidence filed by the assessee. Since the payments are by way of cheques, it has to be presumed that there was an oral agreement of sale between assessee and the vendees, pursuant to which, they have paid some amount to the assessee by cheques. The oral agreement has been acted upon and therefore, the provisions of section 50C as on the date of oral agreement have to be considered as held by us in the case of Smt. Mumtaz Begum in ITA No. 877/Hyd/2015 (cited Supra). In the case before us, there is no date of oral agreement and therefore, the payment of advance on 1.7.2011 should be considered as the date of oral a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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