Case Law Details
Smt. Alka Jain Vs ACIT (ITAT Delhi)
Word ‘assessable’ has been inserted in section 50C w.e.f. 01/10/2009
Provisions of section 50C the word “ assessable” after the word “ assessed” has been inserted with effect from 01/10/2009. According to the learned Counsel, the word “assessable” inserted in section 50C with effect from 01/10/2009 is prospective and not applicable in the case of the assessee as the property has been transferred by way of agreement to sell dated 01/04/2009 and the property had not been registered nor evaluated for the purpose of the stamp duty by the stamp valuation authority at the time of the execution of the said agreement. In support of his contention, the Learned Counsel relied on the CBDT circular No. 5/2010 dated 03/06/2010.
Held by ITAT
Word “assessable” has been inserted in section 50C w.e.f. 01/10/2009. Thus, prior to 01/10/2009, the section 50C was applicable over the sale of properties, which were sold by of the registered deed where the stamp value was assessed by the registration authorities and the section 50C was not applicable, where the properties were sold otherwise than by registered sale deed. The Hon’ble Rajasthan High Court in the case of Satya dev sharma (supra) has held insertion of the word “assessable” by way of Finance Act 2009 with effect from 01/10/2009 as having prospective in nature.
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