Stamp duty value on the date of the agreement to sell has to be adopted for capital gain

In Chalasani Naga Ratna Kumari vs. ITO, ITAT decided that the stamp duty value on the date of the agreement to sell has to be adopted and not the value on the date of the deed of sale. The proviso to s. 50C, though inserted by the Finance Act 2016 w.e.f. 01.04.2017, has to be given retrospective effect from 01.04.2003 as it is intended to remove an undue hardship and is curative in nature.

Article referred: http://itatonline.org/archives/chalasani-naga-ratna-kumari-vs-ito-itat-vizag-s-50c-the-stamp-duty-value-on-the-date-of-the-agreement-to-sell-has-to-be-adopted-and-not-the-value-on-the-date-of-the-deed-of-sale-the-proviso-to-s-5/

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The recovery of vehicles by the financier not an offence - SC

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Court approached in the early stages of arbitration will prevail in all other subsequent proceedings

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