2014 (2) TMI 897

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....None. ORDER 1. The assessee in this case, a lessee of M/s. Uttar Pradesh State Industrial Development Corporation (hereafter referred to as 'the UPSIDCO') had originally acquired leasehold rights on 26.08.1971 for Rs.12,20,500/-, including the cost of land and building. It subsequently transferred the leasehold rights in respect of the property through an agreement of 27.08.2007 and a final ....

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....cted the appeal. 3. It is contended on behalf of the Revenue that the Tribunal fell into error because Section 50C does not make any distinction between properties of one kind and the other and that so long as the state authorities prescribed a different rate than the one involved in the transaction, such prescribed rate would be deemed the rate for the application for Section 50C. Contending t....

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....ow Bench in Carlton Hotel (P) Ltd. v. ACIT 2010 (35) SOT 26 (Luck); Mumbai Bench in Atul. G. Puranik v. ITO, 12(1)(1) and that of the Calcutta Bench in Dy. CIT v. Tejender Singh 19 Taxman.Com 4 In all these, the various Benches of the Tribunal appear to have strictly construed the letter of Section 50C to say that the conveyance has to be complete in respect of all entitlements to the property. In....