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TMI Blog2019 (5) TMI 1945X X X X Extracts X X X X X X X X Extracts X X X X ..... s in so far as the quantum of consideration is concerned. The registered sale deed makes a mention of the agreement to sell and duly records that an amount of Rs.1,14,00,000/- had already been paid to the seller/assessee at the time of execution of the agreement to sell. We also note that there is no inference by the department that an amount more than the sale consideration as shown in the agreement to sell and/or the sale deed had exchanged hands. Whether the assessee is entitled to the benefit of provisos to section 50C of the Act which as per the Finance Act 2016 was to take effect from 01.04.2017? - Admittedly, the year under consideration is assessment year 2012-13 and if the amendment is held to be coming into force from 01.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal is preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-II, Surat (in short the CIT (A) ) dated 14.06.2016 pertaining to Assessment Year 2012-13. 2. The brief facts of the case are that as per the information available with the Department the assessee had entered into certain property transactions for the period under consideration and had not shown the capital gains arising from such transaction in his Return of Income. The Assessing Officer recorded reasons for escapement of income and initiated proceedings u/s.147 of the Income Tax Act, 1961 [hereinafter called the Act ]. In response, the assessee submitted that the original return filed on 28.03.2014 may be treated as the return filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs.47,16,905/- on account of long term capital gain u/s 50C of I.T.Act, 1961. 3. It is therefore prayed that assessment framed u/s 143(3) r.w.s. 147 of the Act may kindly be quashed and/or the addition made by assessing officer confirmed by ld. CIT(A) T(A) may please be deleted. 4. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal. 3. At the outset, the Learned Authorised Representative (AR) submitted that Ground No.1 challenging the assumption of jurisdiction u/s 147 of the Act by the Assessing Officer was not been pressed, accordingly the Ground No.1 is dismissed as not pressed. 3.1 With respect to Ground No.2, the Learned Authorised Representative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not alleged that the assessee had received any amount over and above the sale consideration as mentioned in the agreement of sale. The Learned Authorised Representative further submitted that Finance Act, 2016 had inserted provisos to section 50C of the Act which were effective from 01.04.2017 wherein it has been provided that where the date of agreement fixing the amount of consideration and the date of registration for the transfer of capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer. It was submitted that this proviso was to be applied only in a case where the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect that the issue stood covered in favour of the assessee by the orders of ITAT Ahmedabad Bench wherein it has been held that the provisos to section 50C were to be taken as being retrospective and were to be deemed to have taken effect from 01.04.2003. 5. We have heard the rival submissions and have also perused the material on record. The facts of the case are not in dispute and after having perused both the agreement to sale as well as the registered sale deed we do not find any apparent contradictions between the two set of documents in so far as the quantum of consideration is concerned. We also note that the registered sale deed makes a mention of the agreement to sell and duly records that an amount of Rs.1,14,00,000/- had alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to section 50C is retrospective in nature, the assessee will be entitled to relief in the present appeal. Accordingly, we restore the issue to the file of the Assessing Officer with a direction to verify as to whether the registered agreement to sale as claimed by the assessee was actually executed on 06.09.2011 and the partial sale consideration of Rs.1,14,00,000/ was received through banking channels. If these two claims of the assessee stand verified, the Assessing Officer will, thereafter, for the purpose of computation of capital gains, adopt the stamp duty valuation as on 06.09.2011. With these terms, the matter stands restored to the file of the Assessing Officer for adjudication de novo after giving due opportunity to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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