Value of property under deeming provision u/s 50C need to be considered as on the date of agreement of sale

Brief of the Case

ITAT Hyderabad held In the case of Shri Mohd. Imran Baig & others vs. ITO that it is now settled in favour of the assessee by the decisions of the Hon’ble Supreme Court in the case of Sanjeev Lal and Smt. Shantilal Motilal V/s. CIT (365 ITR 389) as well as decisions of the coordinate bench of this Tribunal at Visakhapatnam in the cases of M/s. Lahiri Promoters Visakhapatnam V/s. ACIT and Moole Rami Reddy V/s. ITO (ITA No.311/Vizag/2010 dated 10.12.2010) that the value

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