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Section 50C Not Applicable to Transfer of Life Interest in Property
Case Law Details
- Case Name
- Vanraj Ranchhoddas Merchant Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Vanraj Ranchhoddas Merchant Vs ITO (ITAT Mumbai)
Section 50C Can’t Tax Life Interest: ITAT Mumbai Deletes Addition on Assignment of Trust-Based Life Interest
Mumbai ITAT allowed the appeal of Vanraj Ranchhoddas Merchant (through legal heir) for AY 2011-12 and held that section 50C is not applicable to transfer of a mere life interest in immovable property held under a trust
The Assessee had assigned 10% undivided life interest in an ancestral trust property at Colaba, Mumbai, for ₹28 lakh. While the AO invoked section 50C based on stamp-duty valuation and the CIT(A) sustained the additio...
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