Case Law Details
Case Name : Income Tax Officer Vs. Shri Yasin Moosa Godil (ITAT Ahmedabad)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Ahmedabad
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From the reading of Sec. 50C,it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the transfer by an appellant of a capital asset, being land or building or both is less than the value adopted or assessed or assessable by any authority of State Government therefore for the purpose of payment of stamp duty in respect of such transfer.
It is settled legal proposition tha
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Tentative:
On the narrated facts, as under stood, the pint of issue has been decided in the assessee’s favour on the limited ground that the deeming provisions of section 50C , in terms, are of no application. However, having regard to the special definitions in the Act of the two relevant terms ‘ capital asset’ and ‘transfer’, the gains arising from the transaction , according to a view, could be rightly taken to be chargeable under the head of ‘capital gains’.
It came to be observed that, a contrary view, with no reservation, has been recently propounded in certain quarters to the effect that the gains from any such transaction would be charged under the head of ‘income from other sources’ , not as ‘capital gains’. That, prima facie, does not sound right; in any case, is clouded with a grave doubt,; suffers from flawed logic.