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TMI Blog2022 (12) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... the full value of consideration - HELD THAT:- Although said amendment came into statue by Finance Act, 2018 w.e.f. 01.04.2019, but the co-ordinate bench of the Tribunal in the case of Amrapalli Cinema [ 2021 (4) TMI 1160 - ITAT DELHI] held that amendment made in scheme of section 50C(1), by inserting third proviso thereto and by enhancing tolerance band for variations between stated sale consideration vis- -vis stamp duty valuation from 5% to 10% are effective from date on which section 50C, itself was introduced in the statue. A series of Tribunal decisions have reiterated said legal position and held that amendment in section 50C(1) is curative in nature and must be held to relate back to the date of introduction of section 50C i.e., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case. 2. The Ld. CIT(A) erred in deleting the disallowance of interest expenses of Rs. 6,29,504/- relying on the decision of the Chennai Bench of the Hon'ble Tribunal vide its order ITA No. 1903 1599/Mds/2008 dated 17-01-2010 for the AYs 2003-04 2004-05 in the assessee's own case, decided in favour of the assessee. 2.1. The Ld. CIT(A) failed to appreciate that the Revenue has filed an appeal against the said order of the Hon'ble Tribunal before the Hon'ble Madras High Court, which is still pending. 2.2. The Ld. CIT(A) erred in holding that there was no case of diversion of borrowed funds and hence allowing interest under section 37 of the Act. 3. The Ld. CIT(A) erred in deleting the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... termined total income of Rs. 14,04,25,531/-, by making additions towards difference between guideline value of the property and sale consideration u/s. 50C of the Act at Rs. 85,36,200/-. The assessee carried the matter in appeal before the first appellant authority and the Ld. CIT(A), for the reasons stated in their appellant order dated 26.04.2019, deleted additions made towards difference in value of consideration received for transfer of property on the ground that, the difference between guideline value and stated consideration is less than 10% and in view of 3rd proviso to section 50C(1) of the Act, if said difference is less than 10%, then no additions can be made. Aggrieved by the Ld. CIT(A) order, the revenue is in appeal before us. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,36,200/-, when compared to guideline value of the property. The arguments of the assessee is that as per 3rd proviso to section 50C(1) of the Act, inserted by the Financial Act, 2018 w.e.f. 01.04.2019, if difference between stated consideration and guideline value does not exceed 10% of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall be deemed to be the full value of consideration. We find that, although said amendment came into statue by Finance Act, 2018 w.e.f. 01.04.2019, but the co-ordinate bench of the Tribunal in the case of Amrapalli Cinema vs ACIT [2021] 127 taxmann.com 376 (Delhi), held that amendment made in scheme of section 50C(1), ..... X X X X Extracts X X X X X X X X Extracts X X X X
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