Section 50C could not be applied to lease hold rights in land

ACIT Vs. Everest Industries Ltd. (ITAT Mumbai)

1. The only grievance of the revenue in this appeal is that the provisions of section 50C of the Act mandates that where a transfer of capital asset being land or building or both is for consideration less then its value as adopted/assessed by the State Government for the purpose of stamp duty then the stamp duty value would be adopted as being the full value of consideration for computing capital gains arising out of transfer of the asset. It is the case of the revenue that section 50C of th

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