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2018 (5) TMI 713 - HC - Income TaxAdmit on the following substantial question of law :- (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the provisions of Section 50C of the Act does not come into operation where leasehold rights in land are transferred? As no appeal had been filed by the Revenue for the order of the Tribunal in the case of Atul Puranik (2011 (5) TMI 576 - ITAT, Mumbai) which had held that section 50C of the Act will not apply to transfer of leasehold rights in land and buildings. However, at the time when both aforesaid decisions in Greenfield Hotels and Estates (2016 (12) TMI 353 - BOMBAY HIGH COURT) and Heatex Products Pvt. Ltd. (2016 (7) TMI 1393 - BOMBAY HIGH COURT) were not entertained by this Court, the decision of this Court in Pradeep Steel Re-Rolling Mills Pvt. Ltd. (2011 (7) TMI 1101 - ITAT MUMBAI) admitting the Appeal on this very question was not brought to our notice.
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