Section 50C of Income Tax Act Applies to Leasehold Property Transfer: Bombay HC

Vidarbha Veneere Industries Ltd. Vs ITO (Bombay High Court) The Bombay High Court addressed the applicability of Section 50C of the Income Tax Act, 1961, to the transfer of property held under a leasehold right in the case of Vidarbha Veneer Industries Ltd. vs. ITO. The Income Tax Appellate Tribunal had previously dismissed the appellant’s claim that Section 50C, which deems the stamp valuation authority’s value as the full value of consideration for capital asset transfers (being land or building or both) when the actual consideration is lower, did not apply to leasehold propertie...