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2020 (3) TMI 1405 - ITAT DELHIIncome from selling the plot - business income OR capital gain - Applicability of section 50C in respect of the lease hold right in land - HELD THAT:- Request for setting aside the issue of applicability of section 50C of the I.T. Act in respect of lease hold rights in land requires thorough consideration at the level of the Assessing Officer. Therefore, in the interest of justice, we set aside the issue involved in the additional ground i.e. “Whether the AO as well as Ld. CIT(A) erred in law and on facts in not appreciating that the provisions of section 50C of the Act are not applicable in respect of lease hold right in land”, this issue may be considered and decided by the Assessing Officer afresh, after giving adequate opportunity of being heard to the assessee, by adopting the prescribed procedure under the law. Appeal of the Assessee is allowed for statistical purposes.
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