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2021 (6) TMI 1058 - AT - Income TaxLong Term Capital Gains - addition invoking section 50C - transfer of the vendor’s limited right in respect of land and building - HELD THAT:- As assessee had sold / executed sale / transfer deed dated 14/2/2011 wherein the subject matter of her right is in favour of vendee as against any land or building component for issuing part therein - although the Revenue has sought to justify the impugned transfer of the assessees’s right as an admission of the same being a capital asset, the fact remains that we are dealing with section 50C only wherein the twin categories of capital asset(s) is only land and building than such a right. As decided in SMT. D. ANITHA [2015 (4) TMI 723 - ITAT HYDERABAD],SRI TUMMALA VIDYAPAL REDDY [2016 (5) TMI 628 - ITAT HYDERABAD],TARA CHAND JAIN AND VICA-VERSA [2015 (12) TMI 45 - ITAT JAIPUR], SMT. DEVINDRABEN I. BAROT [2016 (7) TMI 275 - ITAT AHMEDABAD] ad MRS. REKHA AGARWAL [2017 (4) TMI 759 - ITAT JAIPUR] that such a transfer of the vendor’s limited right in respect of land and building than the twin categories of assets, as the case may be, does not come within the purview of application of section.50C - thus delete the impugned Long Term Gains addition - Decided in favour of assessee.
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