Section 50C does not apply to transfer of leasehold rights: ITAT Kol

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From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Thu, Mar 1, 2012 at 12:33 PM
Subject: Message from EGroup of SolapurCAs S. 50C does not apply to transfer of leasehold rights: ITAT Kol
To: editor@itatonline.org

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

DCIT vs. Tejinder Singh (ITAT Kolkota)

S. 50C does not apply to transfer of tenancy/ leasehold rights

 

The assessee held lease hold rights for 99 years in a house property. By a tripartite agreement, the owner sold his rights in the property while the assessee assigned his leasehold rights. The assessee received Rs. 3.19 crores. The AO held that as the stamp duty valuation of the said property was higher than the agreed consideration, s. 50C applied and the assessee was assessable on the basis of the stamp duty valuation. This was reversed by the CIT (A) on the ground that s. 50C did not apply to leasehold rights. On appeal by the department to the Tribunal, HELD dismissing the appeal:

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Regards,

Editor,

itatonline.org

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