January 2019

Section 50C Proviso to section 50C inserted by Finance Act, 2016 w.e.f. 1.4.2017 being curative in nature is retrospective.

Jagdish T. Punjabi / Devendra Jain / Tejaswini Ghag
Chartered Accountants

19.  [2018] 100 taxmann.com 334 (Delhi-Trib.) Amit Bansal vs. ACIT ITA No.: 3974/Delhi/2018 A.Y: 2012-13 Dated: 22nd November, 2018

 

Section 50C Proviso to section 50C inserted by Finance Act, 2016 w.e.f. 1.4.2017 being curative in nature is retrospective.

 

FACTS


For the assessment year under consideration, the assessee, an individual filed his return of income declaring total income of Rs.10,20,270/-. During the year under consideration, the assessee has shown net profit from sale/purchase of properties under the head 'Income from other sources' at Rs.1,33,200/-. 

 

In the course of assessment proceedings, the Assessing Officer (AO) asked the assessee to provide the details of sale and purchase of property as well as to justify why the income from sale of property is not to be assessed as 'Capital gain' as against the 'Income from other sources' treated by the assessee. He also asked the assessee to justify the impact of section 50C on the said transaction.

 

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