Date of agreement should be used for computing sale value for Section 50C

PCIT Vs Bellandur Chikkagurappa Jayaramareddy (Karnataka High Court) The Karnataka High Court addressed a dispute involving the determination of land sale value for income tax purposes under Section 50C of the Income Tax Act. The Revenue challenged a Tribunal’s decision to grant relief to the assessee by using the date of the Memorandum of Understanding (MOU) instead of the registration date for calculating the capital gains. The Tribunal had reversed the Commissioner’s decision, citing that the relevant provisions allowed for the consideration to be based on the date of the MOU, d...