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2017 (10) TMI 1600 - AT - Income TaxCapital gain computation on transfer of leasehold rights of land - Value determined by the Stamp Valuation Authority - application of Section 50C in respect of leasehold rights in the land in question, which is owned by the Govt. i.e.Narela Industrial Complex, New Delhi - HELD THAT:- We find that this issue has already been examined by various Benches of the Tribunal wherein, it has been consistently held that the provisions of Section 50C of the Act cannot be invoked in transaction involving transfer of leasehold rights of land or building. We do not find any justification in the orders of the authorities below in invoking the provisions of Section 50C of the Act and adopting the value of property as determined by the Stamp Valuation Authority for the purpose of computing the capital gain on transfer of assessee’s leasehold rights in the said plot. We direct the AO to compute the capital gain on the transfer of leasehold rights of the aforesaid plot by adopting the value of the property at ₹ 55 lakhs as offered by the assessee. It is ordered accordingly, the ground raised by the assessee is allowed.
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