Held when legislature is reasonable and compassionate enough to undo the undue hardship caused by the statute “such an amendment in law, in view of the well settled legal position to the effect that a curative amendment to avoid unintended consequences is to be treated as retrospective in nature even though it may not state… Read More »
Held The provisions of section 50C are deeming provisions. It is settled law and well accepted rule of interpretation that deeming provisions are to be construed strictly. Thus, while interpreting deeming provisions neither any words can be added nor deleted from language used expressly. We should apply the ‘Rule of Strict Interpretation’ as well as… Read More »
Retroactive effect of change found to be “curative” The Ahmedabad Bench of the Income-tax Appellate Tribunal held that an amendment made to a provision of the tax law concerning the rules for determining the value of consideration for immovable property was “curative” and therefore applies retroactively, effective from 1 April 2003 (the date when the… Read More »
Held It is apparently clear that the moment an agreement to sell is executed between the parties and part consideration is received, the transfer for the purpose of Section 50C of the Act takes places and computation under Section 48 of the Act will start accordingly, for the purpose of calculating the capital gains under… Read More »
A perusal of section 50C suggests that it is only for the limited purpose of computing capital gain in respect of sale of land and building, only when such sale takes place, stamp duty value has to be substituted for the sale consideration, if the sale consideration is less than the stamp duty value. In… Read More »