Capital gain computable as per amended proviso to section 50C despite receipt of 99% of payment by cheque

Baldevji Motiji Thakore Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that when genuineness of the transaction is proved and more than 99% of the payment was received by cheque, capital gain on sale of property should be computed by applying amended proviso to section 50C of the Income Tax Act. Facts- The assessee along with other eight co-owners entered into a sale agreement (banakhat) on 31.12.2010 for a consideration of Rs.1,70,64,489/-. It was specifically agreed between the parties that the seller should not insist for executing the registered sale deed at the increased/decreased Government...