2013 (12) TMI 721

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.... learned Tribunal in relation to the assessment year 2007-08 and sought to be admitted on the following suggested question of law:    "Whether on the facts and in the circumstances of the case, the Appellate Tribunal erred in law in concluding that for purpose of Section 50C of the Act, land and building are not to be considered as separate assets and computation of capital gains cannot....

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....ext, we have to examine whether such finding is acceptable by this Court or not. We set out Section 50C (1) of the Act, which reads as follows:    "Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (here....

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....amp Valuation Authority is more than the consideration received, then such value has to be treated as the full value of the consideration received or accrued for the purpose of Section 48. Thus, it appears that there is scope for accepting the valuation of the land in case of the vacant land alone and the valuation of the building in case of the building only or in case of land and building both.....