This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 50C inapplicable if registered agreement to sell was executed before circle rate hike
Case Law Details
- Case Name
- PCIT-6 Vs Modipon Limited (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
PCIT-6 Vs Modipon Limited (Delhi High Court)
New Delhi: The Delhi High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT-6) against Modipon Limited, affirming that tax additions made under Section 50C of the Income Tax Act, 1961, for Assessment Year 2005-06 were unjustified. The case centered on a land sale where the agreement to sell was executed and registered on May 27, 2004, but the final sale deed was registered on September 16, 2004. In the intervening period, the property’s circle rate increased by nearly 60%.
The Assessing Officer (AO) applied ...
The earlier understanding was that if any amount was paid in pursuance of an agreement by an account payee cheque that was considered as the date relevant for ascertaining the card rate.
This is the position even if the agreement was not registered
is the registration of agreement mandatory for claiming the card rate prevailing on the date of agreement?