Sale of Leasehold Property Not Hit by Section 50C & Full 54G Exemption Allowed: ITAT Grants Complete Relief to Assessee

Neha Gupta Vs ITO (ITAT Delhi) Tribunal delivered a significant ruling where it examined both the applicability of Section 50C to leasehold property & the eligibility of exemption u/s 54G. Assessee had sold an industrial unit at Narela, Delhi for ₹60 lakhs, but the stamp duty authority valued it at ₹1.20 crore. Although AO referred the matter to DVO, the valuation could not be completed due to lack of access. Instead of making a fresh reference, AO directly adopted the stamp value & added ₹60 lakhs u/s 50C. Tribunal held that Section 50C applies only to transfer of “land or bui...