Case Law Details
Case Name : Chalasani Naga Ratna Kumari, Visakhapatnam Vs ITO, Ward-3(2) (ITAT Visakhapatnam)
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All ITAT ITAT Visakhapatnam
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Advocate Akhilesh Kumar Sah
For the purpose of determination of capital gains according to section 50C market value of the property as on the date of sale deed or stamp duty value as on the date of agreement to sale: which has to be taken?
The Finance Act 2016, with effect from 1.4.2017, has inserted the following provisos to section 50C of the Income Tax Act, 1961(for short the Act’):
“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 asses...
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Why is Actual Consideration was not considered rather than Stamp duty value on the date of Agreement even though it was less than Actual Consideration..?
In This Case why is Market value on date of Agreement is considered instead of Actual Consideration amount i.e.3.4Crore which is more than market value of date of agreement (as mentioned above)..?