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2018 (8) TMI 1560 - AT - Income TaxApplicability of provisions of section 50C - assessee acquired certain rights to purchase the flats - assessee received consideration for sale of such rights and the profit from sale was declared as long term capital gains - whether the Assessing Officer was right in invoking the provision of Section 50C of the Act on ground that the assessee sold flats and therefore market value as determined by Registration authority should be applied? - Held that:- The issue is no more res integra. The ITAT in the case of Income Tax Officer vs. Shri Yasin Moosa Godil [2012 (4) TMI 380 - ITAT, AHMEDABAD] held that the assessee has transferred booking rights and received back the booking advance. Booking advance cannot be equated with the capital asset and therefore section 50C cannot be invoked. Respectfully following the same, hold that Section 50C of the Act does not apply under the facts and circumstances of the case as what was sold was right in property but not land or building. Decided in favour of assessee
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