Oral Agreement with Cheque Advance Valid for Agreement Date Stamp Value: ITAT Chennai

Smt. Rajeswari Iyer Vs ITO (ITAT Chennai) Chennai ITAT Grants Retrospective Benefit of First Proviso to Section 50C; Oral Agreement with Advance by Cheque Valid to Adopt Stamp Duty Value as on Agreement Date: ITAT Chennai The Chennai ITAT partly allowed the assessee’s appeals for assessment years 2013-14 and 2014-15. The Tribunal held that the benefit of the provisos to Section 50C was available as they were retrospective in operation, relying on the Madras High Court decision in CIT v. Vummudi Amarendran. It found that oral agreements entered into by the assessee’s father before revision...