Section 50C not applies to transfer of reversionary rights of property

ACIT Vs Byramjee Jeejeebhoy Pvt. Ltd. (ITAT Mumbai) Revenue is aggrieved with the observation of the CIT(A) that the provisions of Sec. 50C of the Act would not stand triggered in respect of the transaction of transfer of reversionary rights of the property in question by the assessee to M/s Yash & Yashika Mercantile (P) Ltd. Briefly stated, the facts relevant for adjudication of the present issue are that the property in question was originally leased way back on 06.05.1919 by Rustomji Bymmjee Jeejeebhoy & Others i.e the lessors to Cursetjee Dinshaw Bolton i.e the lessee. Thereafter, ...