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2016 (7) TMI 1393 - HC - Income TaxApplicability of Section 50C - It is the case of the revenue that Section 50C would apply also to transfer of leasehold interest in land and is not limited to only to transfer of land and building or both - Held that:- The impugned order of the Tribunal allowed the respondent – assessee's appeal by following its own decision in Atul G. Puranik V. ITO [2011 (5) TMI 576 - ITAT, Mumbai] as held that Section 50C of the Act would apply only to a capital asset being land or building or both and it cannot apply to transfer of lease rights in a land. No substantial question of law.
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