Transfer of leasehold rights in land and building would not attract provisions of section 50C

Assessee has sold/transferred a lease hold landed property at 36, SSGT road, Industrial area, Ghaziabad at a consideration of  Rs.3,25,00,000/- to Sara exports Ltd. The said lease hold property was acquired by the assessee way back in 1971 as per the original elase deed dt. 26.8.71 for a consideration of Rs.12,20,500/- which included the cost of the land and building from UPSIDCO (UP State Industrial Development Corporation). The assessee has sold/transferred the lease hold property as per the agreement to sale dt. 27.8.2007 and the final lease deed dt. 29.10.2007. The elase hold   property has been transferred which included the land of 10,216 sq.metres @ Rs.3,181/- per sq.metre at a total consideration of Rs.3,25,00,000/-. The lease  hold property was acquired in 1971 for 90 years and the same has been transferred/sold in 2007 as per the final transfer lease deed dated 29.10.2007 for the remaining period of 54 years (90 years-36 years) i.e. 2007-1971. 3.2. The AO has taken the rate of the lease hold land @ Rs.4,500/- per sq.metre as per the rate of the UPSIDCO and accordingly has worked out the sale consideration of the land at Rs.4,59,73,395/- @Rs.4,500 x 10,216 sq.m.) by invoking provisions of s. 50c and taking the circle rate as noted by the AO in the order.