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TMI Blog2013 (6) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the AO and the submissions of the assessee is that the assessee has sold/transferred a lease hold landed property at 36, SSGT road, Industrial area, Ghaziabad at a consideration of Rs.3,25,00,000/- to Sara exports Ltd. The said lease hold property was acquired by the assessee way back in 1971 as per the original elase deed dt. 26.8.71 for a consideration of Rs.12,20,500/- which included the cost of the land and building from UPSIDCO (UP State Industrial Development Corporation). The assessee has sold/transferred the lease hold property as per the agreement to sale dt. 27.8.2007 and the final lease deed dt. 29.10.2007. The elase hold property has been transferred which included the land of 10,216 sq.metres @ Rs.3,181/- per sq.metre a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land as per provision of s.50C of the Act for calculating long term capital gain. 2. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any grounds of appeal at any time before or during the hearing of this appeal." 5. We have heard Smt. Srujani Mohanty, the Ld. Sr.DR on behalf of the revenue and Sri. K. Sampath, the Ld. Counsel for the assessee. 6. On a careful consideration of the facts and circumstances of the case and on a perusal of the papers on record, as well as the orders of the authorities below, and case laws cited, we hold as follows. 7. The undisputed fact is that there is no involvement or requirement of approaching the Stamp Duty Authority by the persons involved in the transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be registered under the Registration Act, S.50`C` cannot be put into operation." 9. The Mumbai `A` Bench of Tribunal in the case of Atul G.Puranik vs. ITO(2011) 11 Taxman.com 92 Mumbai, at para 11.4 held that: "Turning to S.50C, it is seen that the deeming fiction of substituting adopted or assessed or assessable value by the stamp valuation authority as full value of consideration is applicable only in respect of 'land or building or both. If the capital asset under transfer cannot be described as 'land or building or both', then s.50C will cease to apply. From the facts of this case narrated above, it is seen that the assessee was allotted lease right in the plot for a period of sixty years, which right was further assigned to M/s Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certain cases u/s 50C, which is a deeming provision, the fiction created in this section cannot be extended to any asset other than, those specifically provided therein. As s.50C applies only to a capital asset, 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 s.50C cannot be invoked. We, therefore, hold that the full value of consideration in the instant case be taken as Rs.2.50 crores." These case laws apply on all force to the facts of the case in hand. 10. In the case of DyCIT vs. Tejender Singh, 19 Taxman.Com 4, Calcutta the Bench was considering a case where the nature of property transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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