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Sec. 50C not applies to unregistered sale agreements prior to 01.10.2009
Case Law Details
- Case Name
- Krishna Enterprises vs. ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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It was also argued by learned AR that the unregistered property was sold on 07/08/2006 which means, since the unregistered property was sold before the clarification was issued under Circular No. 5/2010 dated 03/06/2010 where it clearly states that the scope of the provisions do not include transactions which are not registered with stamp duty valuation authority, and executed through agreement to sell or power of attorney and hence the provisions of Section 50C will not be attracted since the sale is before 01/10/2009, which is the date on which the circular becomes applicable.
In view of the...
