Provisos to S. 50C(1) inserted by FA, 2016 is retrospective & applies from 01/04/2003

Dharamshibhai Sonani Vs. ACIT (ITAT Ahmedabad)

Provisos to Section 50C(1) of Income Tax Act, 1961 inserted by the Finance Act, 2016 w.e.f. 01/04/2017 are to be treated as curable in nature and would apply with “retrospective” effect from 01/04/2003 i.e. the date from which Section 50C was introduced.

In the above referred case, as pleaded by CA Manojkumar N. Makhania before Honarable Ahmedabad Tribunal, the Capital Gain Tax demand was

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