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2016 (4) TMI 1053 - AT - Income TaxInvocation of the provisions of section 50C - Held that:- 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 the assessee’s leasehold rights in the said foreshore land at Napean Sea Road, Mumbai. We direct the AO to compute the capital gains on the transfer of the leasehold rights of the aforesaid foreshore land at Napean Sea Road, Mumbai by adopting the value of the property at ₹ 1,35,00,000/- as offered by the assessee. It is accordingly ordered. The additional grounds raised by the assessee, by holding that the provisions of section 50C of the Act cannot be invoked to compute the capital gains arising on transfer of leasehold rights, the assessee’s grievance in this appeal has been addressed. In this view of the matter, the ground raised at S. No. 2, seeking a direction to be issued to the AO for making a reference to the Departmental Valuation Officer (DVO) would not now require adjudication.
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