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2003 (3) TMI 38 - KERALA HIGH COURTCapital gains tax - There is no doubt that the leasehold right in respect of a land is a very valuable right and without that right, even if the building is transferred, it does not have any value as a building, unless the leasehold right in respect of the land in which the building is situated is also obtained by the transferee - we are of the definite view that the assessee had transferred both the leasehold right in respect of the land strictly in accordance with the provisions of the lease agreement executed between the assessee and the Cochin Port and the building situated therein and the consideration received is a composite one for both. We also find that the assessee had offered Rs. 1lakh as the consideration for the transfer of the leasehold right which was accepted by the Tribunal as reasonable. We do not find any reason to interfere with the said finding also.
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