TMI Blog2014 (2) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red the leasehold rights in respect of the property through an agreement of 27.08.2007 and a final lease dated 29.10.2007 @ Rs.3181/- per square metre for a total consideration of Rs.3,25,00,000/-. The tenure of the lease concededly granted by the UPSIDCO was 90 years effective from 1971. The transfer of conveyance to the lessee/assessee s vendee was for the balance period of 54 years, i.e. 2007-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , such prescribed rate would be deemed the rate for the application for Section 50C. Contending that the distinction made in the present case between the fresh leasehold rights and the consideration payable and the residual rights was unjustified, it was argued that such difference is artificial and unsound. Learned counsel relied upon the decision of the Tribunal in Arif Akhatar Hussain v. ITO IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to say that the conveyance has to be complete in respect of all entitlements to the property. In the present case, the Tribunal has upheld the valuation of the assessee. We notice that apart from the three Benches, decisions of which have been relied on, the Tribunal also considered the distinction made between Section 50C and 54D(1) which specifically provides that capital gains from, transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. 4. For the above reasons, we find that no substantial question of law arises. The appeal is accordingly dismissed. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
