Section 50C cannot be invoked if sale has not taken place

Advertisement Shri Vinod Kumar Chugh Vs ITO (ITAT Delhi) Conclusion: Section 50C could be invoked only when sale had taken place during the year. As the sale of vacant plot by assessee stood completed in the year 1991, there was no question of invoking the provision of section 50C for taxing the long term capital gains. Held: Assessee had purchased a vacant plot in the year 1987 through a General Power of Attorney (GPA) from the original allottee Smt. L on which assessee had constructed the ground floor and sold the house on 03.08.1991 to Smt. S under a registered “Agreement to Sell” al...