Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 588 - AT - Income TaxAddition on account of Short term capital gain u/s 50C - sale of Reservation Letter (Arakshan Patra) - considering the value adopted by Sub-Registrar - whether the value adopted by the registration authorities is in excess to fair market value of the property? - Held that:- The plain reading of Section 50C shows that this provision is applicable only for the capital assets being land or building or both. Taking into consideration all the facts and circumstances of the case, it is noted that in assessee's case capital assets are neither land nor building. Hence, in such a situation, the provisions of Section 50C are not applicable on the assessee. In view of the above deliberations, the additional ground raised in the appeal of the assessee is allowed.
|