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Unregistered Agreement to Sell Does Not Bar Benefit of Section 50C Proviso: Chennai ITAT
Case Law Details
- Case Name
- Aroumougam Pragalanadane Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Aroumougam Pragalanadane Vs DCIT (ITAT Chennai)
Chennai ITAT: Unregistered Agreement to Sell Does Not Bar Benefit of Section 50C Proviso
The Chennai ITAT allowed the assessee’s appeal and deleted the addition of ₹99,06,125 made under Section 50C. The assessment had been reopened due to a difference between the sale consideration of ₹94,00,000 and the guideline value of ₹1,93,06,125 on the date of registration. The assessee submitted that the property was sold pursuant to an agreement to sell dated 11.07.2013, under which the sale consideration had been fixed and receiv...
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