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2022 (6) TMI 442 - AT - Income TaxAddition u/s 69A OR 50C - difference between the sale consideration disclosed by the assessee and the value adopted by the Stamp Valuation Authority - HELD THAT:- There is no dispute with regard to the fact that the property which was sold by the assessee, was a lease hold property. The lease hold right was granted by Nitishree Builders Pvt. Ltd. in favour of the mother of the assessee. The fact that the lease hold rights were transferred is not disputed by the Revenue. Revenue has not brought any contrary material on record to rebut the contention of the assessee. We find that there are series of decisions on this issue by the Division Bench of the Tribunal, confirmed by the Hon'ble Bombay High Court in the case of the CIT versus Greenfield Hotels & Estate (P) Ltd.[2016 (12) TMI 353 - BOMBAY HIGH COURT]. As the Division Bench of Tribunal in Dy. Commissioner of Income Tax Central Circle VI, Kolkata versus Tejinder Singh [2012 (2) TMI 720 - ITAT KOLKATA] also ruled that where there is a transfer of lease hold rights, there would not be application of section 50C. Division Bench of the Tribunal in the case of Shri Atul G. Puranik [2011 (5) TMI 576 - ITAT, MUMBAI] ruled that "As section 50C applies only to a capital asst, being land or building or both, it cannot be made applicable to lease rights in a land. As the assessee transferred lease right for sixty years in the plot and not land itself, the provisions of section 50C cannot be invoked. We, therefore, hold that the full value of consideration in the instant case be taken as Rs. 2.50 crores." Further, the assessee has placed on record the report of the registered valuer who has valued the fair market value of the property of Rs. 20,21,000/-. Therefore, where the authorities below have taken contrary stands about the taxability of the difference between the value declared by the assessee and value adopted by the Stamp Valuation Authority. Moreover, in the light of the binding precedents, we hereby direct the AO to delete the addition - Appeal of assessee allowed.
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