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TMI Blog2023 (6) TMI 1403X X X X Extracts X X X X X X X X Extracts X X X X ..... revailing at that point of time. An identical issue was considered by the coordinate Bench in the case of Amit Bansal [ 2018 (11) TMI 1699 - ITAT DELHI ] held that the proviso to section 50C(1) introduced by the Finance Act, 2016 can be construed as clarificatory in nature and can be applied on pending matters. The various other decisions relied on by the Id. counsel for the assessee also support the case of the assessee that where the date of the agreement fixing the amount\of consideration and the date of registration regarding the transfer of the capital asset in question are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of the agreement is to be taken for the purpose of full value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee and on perusal of the documents the AO came to the conclusion that the assessee have sold the land for Rs.36 crores whereas the stamp valuation of such land was Rs.56 crores on the date of execution of sale deed and the assessee has shown the sale consideration lesser by Rs. 20 crores. The AO accordingly added the sum of Rs. 20 crores. 6. Assessee challenged the assessment before the CIT(A). It was strongly contended that as per the provisions of section 50C the stamp duty value of the property as on the date of agreement to sell has to be considered for the purpose of computing capital gain. It was explained that stamp duty value of the property at the time of agreement to sell was for Rs. 10,000 per sq. mtr and the actual sale con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... second proviso to section 50C (1) read as under :- Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the 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: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through /a bank account, on or before the date of the agreement for transfer 12. It is not in dispu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration at Rs.57,21,600/- as against the actual sale consideration of Rs.42 lakhs. Accordingly, the Assessing Officer made an addition of Rs.7,60,800/- in the hands of the assessee which has been upheld by the CIT(A). It is the submission of the Id. counsel for the assessee that in view of the proviso to section 50C(1) of the IT Act where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the 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 and, thus, the assessee has correctly adopted the rates applicable on the date of the agreement as against the date of actual sale. We find the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning full value of consideration in the case of involved property is curative in nature and will apply retrospectively. We find following the above decision, the Ahmedabad Bench of the Tribunal in the case of Rahul G: Patel vs. DCIT, ITA No.2767/Ahd/2016, order dated 26th September, 2018 has held that the proviso to section 50C(1) introduced by the Finance Act, 2016 can be construed as clarificatory in nature and can be applied on pending matters. The various other decisions relied on by the Id. counsel for the assessee also support the case of the assessee that where the date of the agreement fixing the amount\of consideration and the date of registration regarding the transfer of the capital asset in question are not the same, the value a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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