Section 50C: Tenancy on a meager rent constitutes a encumbrance on property

Anuj Kumar Goswami Vs ITO (ITAT Agra) It remains undisputed that the property was on rent with the purchaser for more than fifty years on a meager rent of Rs.45 per month. In such a circumstance, obviously, vacation thereof was not possible and the assessee sold it to the tenant. Then, the adverse position through the tenancy on a meager rent was itself and encumbrance on the property, as also considered in ‘CIT vs. Chandra Narain Chaudhri’, 1989 UPTC 791 (PB 98/1- 98/10). Under such an encumbrance, the property could not have attracted the same value as compared to that of the case of a v...