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Shri Kumarpal Mohanlal Jain Versus Income Tax Officer, Ward-18 (1) (3) , Mumbai

2016 (1) TMI 865 - ITAT MUMBAI

Capital gain computation - Applicability of section 50C - Held that:- Admittedly, the MIDC has originally given the lease of the land in the year 1964. The Assessee had purchased the leasehold rights in the property in 1991 for a sum of ₹ 9 lakhs and after carrying out his business for 15 years had sold the same for ₹ 25 lakhs vide deed of assessment dated 29.04.05. Hence, the assessee had sold the leasehold rights for the remaining period of 55 years. A perusal of the provisions of .....

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tification on the part of the Ld. CIT(A) in adopting the value of the DVO. We accordingly direct the AO to tax the capital gains on the assessee by adopting the sale value of the property at ₹ 25 lakhs as offered by the assessee. - ITA No. 7231/M/2010 - Dated:- 30-11-2015 - G. S. Pannu, AM And Sanjay Garg, JM For the Appellant : Shri Mandar Vaidya, AR For the Respondent : Shri Rakesh Ranjan, DR ORDER Per Sanjay Garg, Judicial Member The present appeal has been preferred by the assessee aga .....

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t the error occurred in the order dated 23.10.13. The said application was decided by the Tribunal vide order dated 04.04.14 and the order of the Tribunal was therefore recalled on the limited issue for disposal of ground No.1 only of the assessee's appeal. 3. We have heard on ground No.1 of the assessee's appeal. The assessee vide ground No.1 of the appeal has agitated the action of the Ld. CIT(A) in accepting the report of the DVO estimating the value of the property sold at ₹ 53 .....

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r referred to as the AO) applied the provisions of section 50C of the Act and adopted the value of the property as determined by the Stamp Duty Authorities and taxed the capital gains accordingly. 4. In appeal, the assessee requested to the Ld. CIT(A) that the matter be referred to the DVO for appropriate valuation of the property. Consequently, the matter was referred to the DVO. The DVO determined the value of the property at ₹ 53.94 lakhs. The Ld. CIT(A) adopted the value determined by .....

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transferred the leasehold rights for the balance lease period of 55 years and further that the section 50C does not apply to the leasehold rights. He has further submitted that even the DVO has adopted the fair market value more than the Stamp Duty Authorities. The Ld. D.R., on the other hand, has relied upon the order of the Ld. CIT(A). 6. We have considered the rival submissions. Admittedly, the MIDC has originally given the lease of the land in the year 1964. The Assessee had purchased the l .....

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