Regarding sec 50c
This query is : Resolved
10 December 2015
ITAT Jaipur
Section 50C not applicable on sale of rights in land
ITO vs. Tara Chand Jain
I think it makes the Sec 50C defunct regarding trf of land wia Trf of Rights.
10 December 2015
No ,it is not like that. The land in this case is sold in 2007 whereas the amendment in section came in 2009. Question arose whether amendment is prospective or retrospective. Please see para 6 of the judgement.
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