2016 (1) TMI 865

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....eal has been preferred by the assessee against the order dated 16.07.2010 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2006-07. 2. Earlier the appeal was decided by the Tribunal vide order dated 23.10.13. The assessee in his appeal has taken two grounds of appeal. However, the ground No.1 was inadvertently not decided by the Tribu....

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....sehold rights in the MIDC land along with built up structure for a net consideration of Rs. 25.80 lakh vide deed of assignment dated 29.04.05. The Stamp Duty Authorities levied the stamp duty upon the registration of the said deed adopting the value of the land and building at Rs. 77,33,000/-. The Assessing Officer (hereinafter referred to as the AO) applied the provisions of section 50C of the Ac....

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....see had transferred only the leasehold rights. Original lease deed was for 95 years by the MIDC. However, the assessee has transferred the leasehold rights for the balance lease period of 55 years and further that the section 50C does not apply to the leasehold rights. He has further submitted that even the DVO has adopted the fair market value more than the Stamp Duty Authorities. The Ld. D.R., ....

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....lowing decisions: 1. Kancast (P.) Ltd. vs. ITO - 2015 68 SOT 110 (Pune - Trib.) 2. M/s. Fordham Pressings (India) Pvt. Ltd. vs. DCIT [ITA No.6033/Mum/2010] decided on 25.04.2012 3. M/s. Heatex Products Pvt. Ltd. vs. ACIT [ITA No.8197/Mum/2010] decided on 24.07.2013 4. ITO vs. M/s. Pawaskar Shipping & Trading Company Pvt. Ltd. [ITA No.872/Mum/2008] decided on 29.07.2011 In view of the sett....