TaxTMI 
TaxTMI 
2016 (11) TMI 1501
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....rd and record perused. 4. Facts in brief are that the assessee acquired lease hold rights from Lavasa Corporation Ltd.,. It was contention of assessee that property rights were acquired on lease basis and the lease amount for the same was to be paid in instalments. Since assessee on account of financial difficulties could not make the payment of lease as per the schedule, the lease hold rights were assigned to M/s. Deepak Textiles for consideration of Rs. 28,59,395/-. The AO held that assessee has transferred rights in an immovable property, accordingly he invoked the provisions of Section 50C and made an addition of Rs. 41,47,204/-. 5. By the impugned order, CIT(A) deleted the addition after following the order of the ITAT-Mumbai Bench i....
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....grievance of the revenue in this appeal is that the provisions of Section 50C of the Act mandates that where a transfer of capital asset being land or building or both is for consideration less then its value as adopted/assessed by the State Government for the purpose of stamp duty then the stamp duty value would be adopted as being the full value of consideration for computing capital gains arising out of transfer of the asset. It is the case of the revenue that Section 50C of the Act would apply also to transfer of leasehold interest in land and is not limited to only to transfer of land and building or both. 4. The impugned order of the Tribunal allowed the respondent - assessee's appeal by following its own decision in Atul G. Pura....