Dismissing the appeal of the revenue the Tribunal held that ;since, the assessee was not a real owner of the said property and transferred the property on the representative basis and transfer took place between co-owners and NDL, it can be concluded that there is no transfer made by the assessee. The Assessing Officer has not considered the subsequent developments. Further, S. 50C cannot be applied in the given case. ( AY. 2007 -08)
JCIT v. D. Sesha Giri Rao. (2018) 168 ITD 287 (Hyd) (Trib.)
S. 50C : Capital gains – Full value of consideration – Stamp valuation -Assessee was not a real owner of property and he transferred same on representative basis, provisions of section 50C could not be applied to assessee’s case in order to compute capital gain arising from sale of said property [ S.45 ]