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2022 (9) TMI 919 - AT - Income TaxAddition u/s 56(2)(vii)(b) - Whether leasehold rights are covered under the statutory definition of “any immovable property” u/s. 56 (2)(vii)(b) as defined in Explanation (d)(i) as “being land or building or both? - HELD THAT:- We note that the legislature has used an identical expression in section 50C(1) of the Act wherein various judicial precedents in CIT Vs. Greenfield Hotels and Estates Pvt. Ltd.[2016 (12) TMI 353 - BOMBAY HIGH COURT], KancastPvt. Ltd. [2015 (4) TMI 588 - ITAT PUNE], GVK industries Ltd. [2011 (3) TMI 1 - SUPREME COURT] hold that such a leasehold right does not come under either of the twin specified categories of “land or building or both” ; as the case may be. We adopt the very reasoning herein as well to conclude that the learned lower authorities have erred in law and on facts in invoking section 56(2)(vii)(b) addition qua assessee’s acquisition of leasehold rights in issue. The impugned addition stands deleted in above terms. Appeal of assessee allowed.
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