Section 50C not applicable to cold storage building

Laxmi Ice & Cold Storage Vs ITO (ITAT Lucknow)

Section 50C speaks about transfer of land or building or both and the adoption of deemed valuation being valuation of stamp purposes as the full value of consideration. It does not speak of plant and this contention was put on record vide reply of the assessee dated 23/11/2015, which is placed at pages 120 to 122 of the paper book as well as by reply dated 23/12/2015, which is placed at pages 123 to 125 of the paper book whereby it has been put on record that it was a depreciable business

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