Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 731 - AT - Income TaxTransfer u/s. 45(2) - scope of deeming provisions u/s.50C - CIT(A) held that deeming provisions of Section 50C being a legal fiction cannot be invoked for the purpose of valuation of transfer of tenancy rights - whether mere letting out of property by assessee to the tenant does not envisage any transfer u/s. 45(2)? - Held that:- AO has not disputed the fact that assessee was in receipt of any consideration other than monthly rent. CIT(A) has also considered the scope of deeming provisions u/s.50C on the basis of decision of Mumbai Tribunal in case of Atul G Puranik [2011 (5) TMI 576 - ITAT, Mumbai]. The CIT(A) has also deliberated on the judicial pronouncements laid down in case of Munsons Textiles [2012 (2) TMI 520 - ITAT MUMBAI ] for the applicability of provisions of Section 50C. After going through the entire material placed on record, we also found that there is no transfer or alienation of the said assets, therefore, provisions of capital gain is not applicable. We also found that no finding has been recorded by the AO to the effect that any sale consideration was received by the assessee other than rent and maintenance charges. The detailed findings so recorded by CIT(A) are as per material on record, therefore, do not require any of our interference. Accordingly, grounds taken by the Revenue are dismissed.
|