2025 (4) TMI 545

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....16, whereby the claim of the appellant of non-applicability of Section 50C of the Income Tax Act, 1961 (for short "IT Act") to a property held in leasehold right has been negated by dismissing the appeal. 4. Mr. Dawda, learned counsel for the appellant, by relying upon the language of Section 50C read with the definition of 'Capital Asset' as defined in Section 2 (14) of the IT Act submits, that since the lands in question which are Plot Nos.G-17, 18, 6 and 7, situated in the MIDC, Nagpur, were transferred by the MIDC, in favour of M/s. Vidarbha Veneeer Industries Ltd. by way of a lease dated 31/03/1979, rights under which have been assigned by the lessee, by way of a Deed of Assignment dated 30/08/2004 in favour of the present appellant....

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....alue of consideration for such transfer: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed], on or before the date of the agreement for transfer:] [Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and [ten] per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purpo....

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....be a species of the right to hold it, which as indicated above, are of multiple nature. 7. We, therefore, find that merely because the land was originally allotted by the MIDC by way of a lease to the predecessor of the appellant, who in turn has received the same by way of an assignment, that being one of the modes of transfer, of land or building, the mere use of a particular mode of transfer, cannot create any exception vis-a-vis the holding of the land or building by the Assesee. The word 'transfer' as used in Section 50C (1) of the IT Act, also cannot be used in a restricted sense and will have to be given widest amplitude, considering the nature and purpose of the section and thus would include all modes and methods of transfer as ....