Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
The Appellate Tribunal considered the applicability of u/s 50C regarding capital gain computation for the transfer of leasehold rights. It was held that u/s 50C applies only to land or building, not lease rights. Citing precedents, it was noted that u/s 50C does not cover leasehold rights. The deeming provision of u/s 50C substitutes stamp valuation authority's value if lower than consideration received. As leasehold rights are not covered, u/s 50C does not apply. The AO can compute capital gains without invoking u/s 50C.
The Appellate Tribunal considered the applicability of u/s 50C regarding capital gain computation for the transfer of leasehold rights. It was held that u/s 50C applies only to land or building, not lease rights. Citing precedents, it was noted that u/s 50C does not cover leasehold rights. The deeming provision of u/s 50C substitutes stamp valuation authority's value if lower than consideration received. As leasehold rights are not covered, u/s 50C does not apply. The AO can compute capital gains without invoking u/s 50C.
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