Insertion of first and second proviso to section 50C(1) being curative in nature has retrospective effect

Shri Prakash Sadashiv Vs ITO (ITAT Pune) ITAT Pune held that first and second proviso(es) to section 50C(1), inserted by the Finance Act 2016 w.e.f. 01.04.2017 being curative in nature inserted for removing hardships to the taxpayers and, therefore, it carries retrospective effect. Facts- The assessee’s sole substantive grievance herein challenges correctness of both the lower authorities action making long term capital gains addition of 55,70,021/- in the course of sec. 143(3) r.w.s. 147 re­assessment dated 27.12.2016 as upheld in the NFAC’s order under challenge. Conclusion- This is...