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9. From the bare reading of the section 50C(1) of the Act, and the first and second provisos, in the instant case, the date of agreement fixing the amount of consideration and the date of registration for transfer of the capital asset are not the same. The value adopted for the stamp duty valuation purposes as on the date of agreement shall be taken for the purpose of computing the full value of consideration for such transfer. Further, the second proviso also stipulates that where the amount of sale consideration, or a part thereof has been received by an account payee cheque or through banking channels, the first proviso to section 50C(1) shall be applied in those cases. In the instant case, we find that the agreement has been entered into on 30/12/2015 and the part consideration has been received on 14/8/2014. Therefore, we find merit in the argument of the Ld. AR that the provisions of section 50C of the Act adopting the value for stamp duty purposes as on the date of sale deed could not be applied but the value as on the date of the agreement/date of receipt of advance has to be applied. We are therefore of the considered view that the provisions of section 50C(2) & 50C(3) of the Act cannot be applied in the instant case. Therefore, we direct the Ld. AO to adopt the actual sale consideration declared and accepted on the date of agreement entered into by the assessee to compute the capital gains. Accordingly, the Grounds No. 2 & 3 raised by the assessee are partly allowed."

13. We shall, for the purpose of answering the controversy before us, look into Sec. 50C of the Act. The legislature, in all its wisdom, had, vide the Finance Act, 2016 w.e.f 01.04.2017, inserted the following two "provisos" to Sec. 50C of the Act:

"Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer:

20. We shall, in the backdrop of the aforesaid facts, deal with the subject issue, i.e., as to whether or not the AO has rightly adopted the SRO value as was available on the dates of execution of the respective sale deeds, i.e., dated 24/07/2015. 27/07/2015, 29/07/2015. 16/11/2015 and 18/11/2015; OR ought to have taken the SRO value applicable on the date of execution of the 'agreement to sell', dated 25.05.2004, for quantifying the LTCG on the transfer of the land admeasuring 22258.6 Sq. Yards of land, i.e., 4 Acres - 2899 Sq. Yards, as per the deeming provisions of Section 50C of the Act. Although Shri. C. Subramanyam, the Ld. AR for the assessee company had objected to the consideration of the aforesaid issue on the ground that the same does not emanate from the assessment order, but we are unable to accept the said objection. We say so, not for the reason that the said issue has been raised by the revenue in its "grounds of appeal" filed before us, but for the reason that the adjudication of the said aspect will have a material ACIT vs. South India Research Institute Private Limited bearing on the adjudication of the subject issue, which, thus, indispensably requires to be adjudicated. In our view, as Section 254(1) of the Act contemplates that the Appellate Tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, therefore, after concurring with the assessee that the "provisions" of Sec. 50C of the Act, as had been made available on the statute vide the Finance Act, 2016 w.e.f 01.04.2017, applies to the subject year involved in the present case, i.e., AY 2016-17, it is equally important and rather indispensably required to decide the issue that offshoots and stems from the aforesaid adjudication, i.e., the SRO value of which year is to be adopted as the deemed sale consideration for computing the LTCG under Section 50C of the Act. We thus, for giving quietus to the controversy involved in the present appeal, i.e., the determination of LTCG on the sale of the subject land by the assessee company to M/s Sama Constructions, proceed with and adjudicate upon the issue, i.e., the SRO value of which year is to be adopted by the assessee company as the deemed sale consideration for computing the LTCG under Sec. 50C of the Act.

26. Now, this takes us to the issue that when the original "agreement to sell", dated 25.05.2004, was rendered as ineffective and was thereafter never acted upon by the parties, then which SRO value of the subject land is to be adopted as the deemed sale consideration for the purpose of computing the LTCG under Sec. 50C of the Act?.

27. The aforesaid issue is answered as under:

(a). In our view, as the assessee company had transferred 4 Acres -

72 Guntas of land (i.e., 22258.6 Sq. Yards), vide 15 registered sale deeds in favour of M/s Sama Constructions (supra) during the year under consideration, i.e., over the period 24.07.2015 to 18.11.2015, but the compromise entered into between the parties (as referred in the order of the Add. District Judge-XI, Ranga Reddy District on 23.11.2013 referred to the transfer of land ACIT vs. South India Research Institute Private Limited admeasuring 3 Acers - 0 Guntas (14520 Sq. Yards) situated in Survey Nos. 9/4 and 9/5 situated at Saroornagar Mandal, Ranga Reddy District; AND (ii). as per the 2 memorandums of understanding (MOU's), both dated 12.08.2013, it was agreed to further transfer an aggregate of 4845 Sq. yards of land, viz. (a). 2769 Sq. yards; and (b). 2076 Sq. yards to M/s Sama Constructions in Survey Nos. 9/4 AND Survey Nos. 9/4 and 9/5, situated at Saroornagar Mandal, Ranga Reddy District, respectively; therefore, the aggregate of land covered vide the aforesaid agreements/MOU's/Compromise aggregates to 19365 Sq. Yards, i.e., 4 Acres- 0.125 Guntas. Accordingly, as the transfer of the balance land admeasuring 2893.60 Sq. Yards [i.e. 22258.6 Sq. Yards (minus) 19365 Sq. Yards] is not based either on the compromise or the MOU's, therefore, the SRO value as applicable on the date of the last of the sale deeds that were executed during the year, i.e., as on 16/11/2015 and 18/11/2015, is to be adopted as the deemed sale consideration for computing the LTCG on the transfer of the said portion of land as per the provisions of Sec. 50C of the Act.