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TMI Blog2023 (7) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, he has made out of a strong case for the amendment to Section 50C being treated as retrospective and with effect from 1st April 2003. The plea of the assessee is indeed well taken and deserves acceptance. Also see Amit Bansal [ 2018 (11) TMI 1699 - ITAT DELHI] We decline to interfere with the findings of the ld. CIT(A). - Decided against revenue. - ITA No. 1292/DEL/2020 - - - Dated:- 7-7-2023 - Shri N.K. Billaiya, Accountant Member, And Ms. Astha Chandra, Judicial Member For the Assessee : Shri Satish Goel, CA For the Department : Shri Waseem Arshad, CIT- DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the Revenue is preferred against the order of the ld. CIT(A), Karnal dated 15.01.2020 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, the CIT(A) is justified in deleting the addition of long term capital gain of Rs. 3,00,59,2501- ignoring the transactions of 50C of the I.T. Act. According to the value adopted by Stamp Valuation Authority in respect of transfer of a capital asset shall be deemed as full value of sale consideration for the purpose of computation of 'Capital Gain' arisen on transfer of such asset. 5. The appellant craves for leave to amend or alter any ground of appeal before or at the time of hearing of the appeal. 3. The representatives of both the sides were heard at length, the case records carefully perused. We have also considered the documentary evidences brought on record in light of Rule 18(6) of the ITAT Rules. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be given retrospective effect. 9. The co-ordinate bench in the case of Dharamshibhai Sonani ITA No. 1233/AHD/2013 had an occasion to consider an identical grievance and held as under: [9] So far as the amendment to Section 50C being retrospective in effect is concerned, there is no doubt about the legal position. I hold the provisos to Section 50C being effective from 1st April 2003. This is precisely what the learned counsel has prayed for. In his detailed written submissions, he has made out of a strong case for the amendment to Section 50C being treated as retrospective and with effect from 1st April 2003. The plea of the assessee is indeed well taken and deserves acceptance. What follows is this. The matter will now go back to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty valuation rates with the passage of time. Such a situation has actually arisen in many places in the country, such as in Gurgaon and some other places. It is therefore possible that, at first sight, first proviso to Section 50C may seem to work to the disadvantage of the assessee in certain situation in the event of the word may being construed as mandatory in application, but then one cannot be oblivious to the fact that this proviso states that 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 (emphasis supplied) making it clearly optional to the assessee, and that, in any event, what has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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