Section 50C amendment introduced vide Finance Bill 2016 is retrospective in nature

Kishore Hira Bhandari Vs ITO (ITAT Mumbai) ITAT Mumbai held that amendment to section 50C of the Income Tax Act stating that the value adopted or assessed or assessable by the stamp valuation authority on the date of ‘agreement’ may be taken for the purpose of computing the full value of consideration for such transfer is retrospective in nature and effective from 1st April 2003. Facts- AO observed that the assessee had sold urban agricultural land vide a ‘sale deed’, dated 28.06.2013 for a consideration of Rs.1,65,00,000/-. On the basis of an unsubstantiated claim, it was submitted by...