Section 50C- AO to adopt guideline value on sale date of agreement & not on sale deed date

N.A. Haris Vs Add. CIT  (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline value by invoking the provisions of section 50C of the Act, it should be considered the year in which the assessee entered into the agreement and not the year in which the sales were effected in view of the proviso to section 50C(1) of the Act, which was inserted by the Finance Act, 2016 with effect fr...