Word ‘Assessable’ inserted u/s 50C w.e.f. 01-10-2009 has no retro-effect: Delhi ITAT

INCOME TAX/ILT: The word "assessable " inserted in section 50C with effect from 01-10-2009, is prospective in nature and, thus, where assessee sold her immovable property by way of agreement to sell dated 01-04-2009, provisions of section 50C were not applicable and, in such circumstances, deemed sale consideration as per stamp valuation authorities could not be invoked for determining long term capital gain arising from sale of said property

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194491/word-‘assessable’-inserted-us-50c-w-e-f-01-10-2009-has-no-retro-effect-delhi-itat.aspx