Sale Value on date of agreement date to be considered u/s 50C (1st proviso): ITAT

Devindraben Rajeshbhai Sharma Vs ITO (ITAT Ahmedabad) Assessee is an individual and didnot file ITR for AY 2012-13. During the year under consideration assessee sold an immovable property for a consideration of Rs.42,00,000/-. AO observed that the Stamp Valuation Authority has valued the property at a consideration of Rs.42,00,000/- and made addition of Rs.44,23,015/- by attracting the provisions of section 50C. Assessee has entered into an agreement to sale on 24/08/2010 which has been duly notorised on 25/08/2010 and paid an advance of Rs.1,lakh. Assessee has executed a sale deed on 25/11/20...