Section 50C Applies to Leasehold Rights; But Stamp Value to Follow Agreement Date-ITAT Grants Major Relief

Advertisement Mahendra Silk Mills Pvt. Ltd Vs ITO (ITAT Mumbai) Section 50C Applies to Leasehold Rights; But Stamp Value to Follow Agreement Date-ITAT Grants Major Relief The core dispute was whether capital gains on transfer of leasehold land and building should be taxed in A.Y. 2009–10 using stamp duty value u/s 50C, and whether such provision applies to leasehold rights. The ITAT delivered a balanced but significant ruling: On applicability of Section 50C: The assessee argued that leasehold rights are outside 50C However, relying on the Bombay High Court ruling in Vidarbha Veneer Indu...