Section 50C Not Applicable to Transfer of Life Interest in Property

Vanraj Ranchhoddas Merchant Vs ITO (ITAT Mumbai) Section 50C Can’t Tax Life Interest: ITAT Mumbai Deletes Addition on Assignment of Trust-Based Life Interest Mumbai  ITAT allowed the appeal of Vanraj Ranchhoddas Merchant (through legal heir) for AY 2011-12 and held that section 50C is not applicable to transfer of a mere life interest in immovable property held under a trust The Assessee had assigned 10% undivided life interest in an ancestral trust property at Colaba, Mumbai, for ₹28 lakh. While the AO invoked section 50C based on stamp-duty valuation and the CIT(A) sustained the additio...