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Section 50C not applies to transfer of tenancy/ leasehold rights
Case Law Details
- Case Name
- Dy. Commissioner of Income Tax Vs. Tejinder Singh (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- ITAT Kolkata
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DCIT vs. Tejinder Singh (ITAT Kolkota)
ITAT held that Section 50C of the Income-tax Act, 1961 will apply on receipt of consideration on ’transfer of a capital asset, being land or building or both’ but will not apply in case of transfer of tenancy / leasehold rights.
Assessee was a lessee in the property which was sold by the KSCT; there is no dispute on this aspect of the matter. Yet, the Assessing Officer has treated the assessee a seller of property apparently because the assessee was a party to the sale deed, and because, according to the Assessing Officer, “cons...
tenency rights law