19. 100 taxmann.com 334 (Delhi-Trib.) Amit Bansal vs.
ACIT ITA No.:
3974/Delhi/2018 A.Y: 2012-13Dated: 22nd November, 2018
50C – Proviso to section 50C inserted by Finance Act, 2016 w.e.f. 1.4.2017
being curative in nature is retrospective.
the assessment year under consideration, the assessee, an individual filed his
return of income declaring total income of Rs.10,20,270/-. During the year
under consideration, the assessee has shown net profit from sale/purchase of
properties under the head 'Income from other sources' at Rs.1,33,200/-.
the course of assessment proceedings, the Assessing Officer (AO) asked the
assessee to provide the details of sale and purchase of property as well as to
justify why the income from sale of property is not to be assessed as 'Capital
gain' as against the 'Income from other sources' treated by the assessee. He
also asked the assessee to justify the impact of section 50C on the said