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Proviso to section 50C inserted by FA, 2016 with effect from 1-4-2017 is applicable with retro effect

October 14, 2020[2020] 120 171 (Madras)

INCOME TAX : Amendment by insertion of proviso to section 50C(1) introduced with effect from 1-4-2017 which provides that where date of agreement, fixing amount of consideration and date of registration for transfer of capital assets are not same, value adopted or assesssed or assessable by stamp valuation authority on date of agreement may be taken for purpose of computing full value of consideration for such transfer seeks to relieve assessee from undue hardship and, thus, should be taken to be retrospectively effective
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