Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 897 - HC - Income TaxValuation u/s 50C of the Act – application of circle rate on leasehold rights - Held that:- The contrast in language, given that Section 50C is a specific provision, which seeks to enact a presumption is significant - The valuation of the concerned State agency or the government that the cost of the land is, in the circumstances, higher, is determinative - there has been no such valuation in the present case - the Tribunal adopted an approach which appears to be correct, in that it took note of the proportionate transfer of leasehold rights for 54 years. If the Revenue’s contentions were to be conceded, then in the given facts of case, if the leasehold rights for residual period of 3 or 4 years were to be valued at par with the cost of acquisition of the full tenure of the lease of 90 years, absurd and anomalous results would ensue. - the contention of the revenue cannot be accepted – there is no substantial question of law arises – Decided against Revenue.
|