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/-

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