Section 50C should be applied only on the date of sale agreement and not on the date of actual registration of conveyance deed

Koduru Satya Srinivas & Anr. Vs ACIT (ITAT Vishakapatnam) ITA No. 556 and 557/Vizag/2008 Dated- 02.07.2010 The solitary issue urged in these two appeals is that Whether the Learned CIT(A) is right in law in confirming the action of the Assessing Officer in invoking the provisions of section 50C in the case of both the assessees. The facts relating to the issue are stated in brief. Both the assessees owned an immovable property located at No.54-11- 5, Gudadals, Vijayawada. Both the assessees sold the said property by executing separate conveyance deeds. Shri K.Satya Srinivas executed the do...