Case Law Details
Court : Mumbai bench of Income-tax Appellate Tribunal
Citation : The Mumbai bench of Income Tax Appellate Tribunal (the Tribunal) in the case of Kishori Sharad Gaitonde Vs ITO (ITA No. 1561/M/09) held that for attracting the provisions of Section 50C of the Income Tax Act, 1961 (the Act) a capital gains should arise from the sale of land or building or both. However, since in the present case the taxpayer earned capital gains from the transfer of tenancy right which is not a capital asset, being land or building or both, the Tribunal held that Section 50C of the Act was not applicable to the instant case.
Brief: Kishori Sharad Gaitonde Vs ITO (ITA No. 1561/M/09)
Background: – Under Section 50C of the Act if the consideration received or accruing to a taxpayer on transferring of any land or building is less than the value adopted by any State government authority, the value so adopted shall be considered as full value of consideration.
Facts of the case
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