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2021 (8) TMI 754 - AT - Income TaxLong Term Capital Gain (LTCG) on sale of property u/s 50C - Whether provisions of section 50C are not applicable in respect of transfer of reversionary rights in respect of the sale transaction with M/s Yash and Yashika Mercantile (P) ltd.- HELD THAT:- Transaction of transfer of reversionary rights in a property by an assessee would not attract the provision of Sec. 50C. We, finding ourselves in agreement with the view taken by the coordinate benches of the Tribunal, viz. the order in the case of DCIT Vs. Tejinder Singh,[2012 (3) TMI 47 - ITAT, KOLKATA] and in the case of ITO, Ward-10(2), Hyderabad Vs. Ms. D. Anitha [2015 (4) TMI 723 - ITAT HYDERABAD], thus, find no infirmity in the view taken by the CIT(A) and uphold the same. The Grounds of appeal Nos. 1 & 2 raised by the revenue are dismissed. Addition 70% of the sale value of the properties sold as the cost of acquisition (without subjecting the same to any indexation) for computing the LTCG on transfer of the properties under consideration - HELD THAT:- CIT(A) had rightly directed the A.O to take 70% of the sale value of the property as the indexed cost of acquisition for computing LTCG in the hands of the assessee, we uphold the same. The Ground of appeal No. 3 is dismissed.
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