TMI Blog2018 (8) TMI 1705X X X X Extracts X X X X X X X X Extracts X X X X ..... e nature of an allotment right what was transferred in the relevant previous year forming subject-matter in the instant lis. This tribunal’s decision in case of M/s Baniaria Eng. Pvt. Ltd. Vs. ITO [2018 (8) TMI 1560 - ITAT KOLKATA] holds that section 50C of the Act does not apply except in a case involving transfer of land and building forming the relevant capital asset for the purpose of dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer s action making long term capital gains addition of ₹37,85,396/- after invoking section 50C as well as the disallowance the expenditure claimed in question of ₹2 lac allegedly incurred on transfer of property and claim as deduction involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short the Act . Heard both the parties. Case file perused. 2. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds that we can very well entertain such an additional ground for ascertaining an assessee s correct tax liability in terms with hon'ble apex court s decision hereinabove. Learned Departmental Representative fails to rebut the fact that the assessee seeks to argue nonapplication of section 50C only in case of only right to acquire the residential flat in question. We therefore admit taxpayer s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licability of section 50C in the given facts and circumstances of the case. There is no dispute that the assessee had acquired / transferred his right a unfurnished flat which was never registered in his name. It was therefore only in the nature of an allotment right what was transferred in the relevant previous year forming subject-matter in the instant lis. This tribunal s decision in case of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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