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2018 (8) TMI 1705 - AT - Income TaxApplicability of provisions of section 50C - Long term capital gains addition after invoking section 50C - Held that:- There is no dispute that the assessee had acquired / transferred his right a unfurnished flat which was never registered in his name. It was therefore only in the nature of an allotment right what was transferred in the relevant previous year forming subject-matter in the instant lis. This tribunal’s decision in case of M/s Baniaria Eng. Pvt. Ltd. Vs. ITO [2018 (8) TMI 1560 - ITAT KOLKATA] holds that section 50C of the Act does not apply except in a case involving transfer of land and building forming the relevant capital asset for the purpose of determination of fair market value in the statutory reference. Learned Departmental Representative fails to pin point any exception on facts or law. We thus accept assessee’s additional ground to delete the impugned long term capital gains addition - decided in favour of assessee
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