Case Law Details
Case Name : Maria Fernandes Cheryl Vs ITO (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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Maria Fernandes Cheryl Vs ITO (ITAT Mumbai)
Once legislature very graciously accepts, by introducing the legal amendments in question, that there were lacunas in the provisions of Section 50 C in the sense that even in the cases of genuine variations between the stated consideration and the stamp duty valuation, anti-avoidance provisions under section 50C could be pressed into service, and thus remedied the law, there is no escape from holding that these amendments are effective with effect from the date on which the related
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IMPRomTU: The stance taken by the assessee and the observations/ the grounds on the basis of which that has been upheld by the itat, to say the least, have the consequence of the already obtaining confused state of affairs left confounded.
Stated briefly, in one’s own well considered perspective, had the point of dispute been adjudicated upon having due regard to not only the implications of the ‘ third proviso ‘ to sec 50C, – as done- but also to the scheme of things as encompassed in all the other related sections / provisions , as warranted, the dispute could podssibly have been decided differently.
For a HINT: It is unclear, rather quite puzzling that, why, in deciding the point of dispute the other related crucial aspects – factual or otherwise,- such as ‘ year of acquisition’, ‘ cost of acquisition’ , ‘ indexed cost of acquisition’ have not been gone into?
For MORE, should anyone in concerned circles have been provoked likewise, and been prompted to independently examine and spare/share own viewpoints, suggest to go through, for proper guidance and use, the realted material in public domain; say, to begin with,the Posts / Articles on the topic of ‘ INDEXATION’ wprt the law as amended wef AY 2018-19 !
KEY Note: Look up the Posts/ Articles on this website itself !