Section 50C of Income Tax Act, 1961— The only issue in the present appeal relates to whether or not the provisions of Section 50C of the Act can be invoked even prior to 1st October, 2009, in respect of transaction which took place prior to 1st October, 2009.

Held that— The provisions of Section 50C of the Act have come into vogue w.e.f. 01.10.2009 and clearly states that the provision will come into effect from 01.10.2009. Further, the CBDT Circular No.5/2010, dated 03.06.2010, has also clearly explained that the provisions of Section 50C of the Act will come into effect from 1st October, 2009 and it is further clarified that the provisions of Section 50C of the Act have no application in respect of transaction which are not registered with the registration authorities.

We do not find any error in the order of the ld. CIT(A). Accordingly, the appeal filed by the Revenue stands dismissed.[THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE I (2) CHENNAI VERSUS M/S. BIOMED HITECH INDUSTRIES LTD] [2019] 20 ITCD Online (14) [ITAT CHENNAI]