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2013 (8) TMI 413 - AT - Income TaxApplication of section 50C of the Act to the transfer of leasehold rights in the industrial plot - The assessee had transferred leasehold rights in the plot of District Industrial Centre, Rampur to Shri V.K. Gupta as per directions/terms or consideration of district Rampur and paid stamp duty of Rs.3400 and also got registered agreement from some Registrar, Tehsil Sadar, Rampur on 14.3.2007 - Assessee got a leasehold plot from District Industrial Center, Rampur for lease of 99 years for setting up an industrial unit. The assessee obtained required permission from the concerned authorities for transfer of leasehold rights after making payments of dues and transfer charges – Held that:- The assessee had transferred leasehold rights in the plot of District Industrial Centre, Rampur to Shri V.K. Gupta as per directions/terms or consideration of district Rampur and paid stamp duty of Rs.3400 and also got registered agreement from some Registrar, Tehsil Sadar, Rampur on 14.3.2007 - Assessee was having only leasehold rights and it had no absolute right to sale, exchange or relinquish the property. As per recital of the original lease deed, actual rights were in the hands of General Manager of District Industrial Center on behalf of Government of U.P - The triparty agreement was executed between the assessee, Shri V.K. Gupta and General Manager, District Industrial Center, Rampur on behalf of Govt. of UP and the deed was executed after granting approval by the District Magistrate, Rampur with certain conditions mentioned in the approval/permission. Assessing Officer did not give any finding to the fact that the assessee received additional consideration in addition to the consideration mentioned in the sale agreement and also the Assessing Officer did not gather any material to establish with cogent evidence that there was evasion of tax by suppressing or concealing the true and correct consideration of transaction - Addition made by the Assessing Officer on the basis of circle rate gathered from Sub-Registrar office of Rampur showing circle rate of properties cannot be applied as there was no application of section 50C in the case - Decided against the Revenue.
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