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50-Year Lease Not a Transfer U/s. 2(47)(vi) Without Transfer Arrangement: ITAT Nagpur
Case Law Details
- Case Name
- Mahoharlal Jiwandas Sachani Vs CIT (Appeals) (ITAT Nagpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Nagpur
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Mahoharlal Jiwandas Sachani Vs CIT (Appeals) (ITAT Nagpur)
The ITAT Nagpur considered an appeal against the order of the Commissioner of Income Tax (Appeals)/NFAC for Assessment Year 2018-19 concerning the taxability of a 50-year lease of agricultural land. The Assessing Officer had invoked Section 269UA(f) of the Income-tax Act, treating the lease as a transfer of immovable property and, consequently, applied Section 50C to adopt the stamp duty value for computing capital gains under Section 45. The CIT(A) upheld the addition, not under Section 2(47)(v), but by treating the l...
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