Section 50C Tax Deleted: Registration Irrelevant Post Transfer Completion u/s 2(47)(v): Madras HC

ITO Vs Bakthavatsalam Gowtham (Madras High Court) Registration date irrelevant once Transfer complete under section 2(47)(v) in earlier years : Madras HC deletes Section 50C based tax in subsequent year AO found that the individual assessee has executed, along with his brother, a sale deed for immovable property on 29.03.2007 relevant to the AY2007-08. The value of the property for registration purpose was shown as Rs.23,50,85,500/-. When this was sought to be assessed, the Assessee claimed that out of the inherited property, 9.75 grounds of land held by him & his brother was given for j...