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2018 (5) TMI 1792 - HC - Income TaxApplicability of section 50C - transfer of capital asset - change of tenor of transaction for sale of land - sale therein was through a registered sale deed for consideration but it was taken to be relinquishment of right - Held that:- It is nothing but an order without elaborate finding on the issue, that too, after taking into consideration the requisite facts for its adjudication. The appellant has referred judgment of Bombay High Court in M/S. GREENFIELD HOTELS & ESTATES PVT. LTD. [2016 (12) TMI 353 - BOMBAY HIGH COURT] where it was held that Section 50C of the Act of 1961 would not be applicable on transfer of lease hold rights of the land. Bare perusal of Section 50C of the Act of 1961 does not show that transfer of capital asset for consideration should be other than of lease hold property or khatedari land. The court cannot re-write the provision. If analogy taken by the Bombay High Court in the case (supra) is applied in general then Section 50C would not be applicable in majority of the cases as not it is allowed as lease hold property. Section 50C is applicable on transfer of capital assets for consideration. The Bombay High Court has not referred as how the land was in the balance-sheet. It is as a capital asset or not thus we are unable to apply the judgment of Bombay High Court in the case of M/s. Greenfield Hotels & Estates Pvt. Ltd. (supra). - No substantial question of law.
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