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Invocation of section 50C in mere transfer of right in property without transfer of title is unjustified
Case Law Details
- Case Name
- Fashion Group International Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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M/S. Fashion Group International Vs ACIT (ITAT Delhi)
ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable.
Facts- The main issue in this appeal filed by the assessee is an addition of Rs. 1,58,56,968/- made by AO invoking the provisions of Section 50C of the Act, confirmed by CIT (Appeals).
The assessee, a partnership firm, has claimed long term capital los...
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