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Home › All Judgements › Inderlok Hotels vs. ITO (ITAT Mumbai)

Inderlok Hotels vs. ITO (ITAT Mumbai)

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COURT:
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COUNSEL:
DATE: (Date of pronouncement)
DATE: March 2, 2009 (Date of publication)
AY:
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CITATION:

S. 50C not applicable to dealers in land and building

Though s. 50C has been introduced by the Legislature to check the modus operandi of understating the sale consideration in the activity of civil construction and provides that the value determined or assessed by the stamp duty authorities shall be deemed to be the “full value of consideration”, its scope is confined to property held as a “capital asset”. It has no application to property held as “stock-in-trade”. Accordingly, additions on account of s. 50C cannot be made in the case of dealers in real estate.

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