Hey friends,
I just wanna know whether Sec.50C of Income tax Act be applied by assessing officer to a Land & Building sold before the applicability of the circle rates in that area???Actually matter here is that, AO applied the said section inspite of fact that no circle rates were present on the date of sale.
What do you think???
Since circle rates were not applicable in the area,the rates adopted at the time of payment of stamp duty will be considered and logically it will be prejudicial to the assessee to let adopt the present rates instead of the rates at the time of sale...
Abic and Mani Chartered Accountants
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