Capital gain in respect of sale of only one property - addition ...

Court Rules Section 50C Inapplicable to Leasehold Rights, Assessee Wins Property Transfer Value Dispute Against Tax Department.

July 8, 2022

Case Laws Income Tax AT

Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the assessee cannot transfer/confer ownership rights in the said property in favour of the tenant - The Department has only questioned the transfer value in respect of one single property while accepting the sale/transfer value respect of all the other properties. Therefore, considering the above facts and the consistent position taken by various Courts/Tribunals on the issue of applicability of section 50C of the Act on transfer of leasehold rights in the property, we allow the appeal of the assessee. - AT

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Capital gain in respect of sale of only one property - addition ...

Court Rules Section 50C Inapplicable to Leasehold Rights, Assessee Wins Property Transfer Value Dispute Against Tax Department.

July 8, 2022

Case Laws Income Tax AT

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