Section 50C do not apply in case transfer of leasehold rights

IT : Provisions of section 50C do not apply in case of transfer of leasehold rights in land or building

■■■

[2015] 55 taxmann.com 171 (Pune - Trib.)

IN THE ITAT PUNE BENCH 'A'

Kancast (P.) Ltd.

v.

Income-tax Officer, Ward 9 (3), Pune*

G.S. PANNU, ACCOUNTANT MEMBER
AND MS. SUSHMA CHOWLA, JUDICIAL MEMBER

IT APPEAL NO. 1265 (PN.) OF 2011
[ASSESSMENT YEAR 2006-07]

JANUARY  19, 2015 

Section 50C of the Income-tax Act, 1961 - Capital gains - Special provision for full value of consideration in certain cases (Leasehold rights in land and building) - Assessment year 2006-07 - Whether provisions of section 50C apply only to capital asset being land or building or both, however, said provisions do not apply in case of transfer of leasehold rights in land or building - Held, yes [Para 11] [In favour of assessee]