2016 (1) TMI 865

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....ay Garg, Judicial Member The present appeal 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....

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....uring the year under consideration sold the leasehold 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) ....

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....rship rights over land & building whereas the assessee 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 mo....

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....self. Reliance in this respect can be placed on the following 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....