Case Law Details
Case Name : PCIT-6 Vs Modipon Limited (Delhi High Court)
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All High Courts Delhi High Court
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PCIT-6 Vs Modipon Limited (Delhi High Court)
New Delhi: The Delhi High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT-6) against Modipon Limited, affirming that tax additions made under Section 50C of the Income Tax Act, 1961, for Assessment Year 2005-06 were unjustified. The case centered on a land sale where the agreement to sell was executed and registered on May 27, 2004, but the final sale deed was registered on September 16, 2004. In the intervening period, the property’s circle rate increased by nearly 60%.
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The earlier understanding was that if any amount was paid in pursuance of an agreement by an account payee cheque that was considered as the date relevant for ascertaining the card rate.
This is the position even if the agreement was not registered
is the registration of agreement mandatory for claiming the card rate prevailing on the date of agreement?