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We study the circular polarization of the magnetic field induced transition (MIT) between the $3d^5(^6S)4d\ ^7D_2$ and $3d^5(^6S)4p\ ^7P_4^\circ$ states of \ion{Cr}{1} at 533.03~nm (wavelength in air). The fractional circular polarization $V/I$ of this spectral line resulting from the solution of the radiation transfer problem in a sunspot model permeated by a homogeneous magnetic field of 3~kG shows amplitudes of about $2\%$. Spectro-polarimetric observations of two sunspots were obtained with the Zurich Imaging Polarimeter-3 at the Istituto ricerche solari Aldo e Cele Dacc\`o (IRSOL) observatory observatory in Locarno, Switzerland. The observed $V/I$ profiles show approximately anti-symmetrical shapes with an amplitude of around $0.1\%$ and $0.2\%$ for the two sunspots. The center of this profile coincides with the wavelengths predicted for the above-mentioned MIT. We apply an inversion code to the spectro-polarimetric data of the \ion{Cr}{1} permitted lines at 532.91 and 532.98~nm, as well as to the MIT line at 533.03~nm, to infer a stratification of the emitting atmosphere. We compare the $V/I$ profiles synthesized in the inferred atmosphere models with the observations, showing that the observed signal likely corresponds to the MIT line.