Transfer of leasehold rights in land won’t attract Section 50C

Brief of the case: The ITAT Mumbai in the case of Farid Gulmohamed vs. ITO held that the provisions of Sec 50C is applicable only to transfer of land of which the assessee is absolute and legal owner and cannot be applicable to the transfer of leasehold rights in land.Thus, the transfer value cannot be benchmarked to stamp duty value. Facts of the case: The assessee filed his return of income for A.Y. 2010-11 on 21.07.2010 declaring income of 4,14,78,131/-.The return was processed under section 143(1) of the Income Tax Act, 1961 and the same subsequently picked up for scrutiny. AO observed t...