Assessee sold lease sold land under a registered sale deed. The property was leasehold land and ownership vested with the state government. AO made addition under the head capital gains and invoked S. 50C. CIT(A) and Tribunal confirmed the addition. High Court held that if analogy is taken from referring to the decision of CIT v. Greenfield Hotels & Estates Pvt Ltd (2016) 389 ITR 68 (Bom) (HC) section 50C would not be applicable in majority cases. The High Court cannot re-write the provision. Accordingly the view of the Tribunal is affirmed.
Ram Ji Lal Meena v. ITO (2018) 168 DTR 245 / 303 CTR 821 / 102 CCH 316 (Raj.)(HC)
S. 50C : Capital gains – Full value of consideration – Stamp valuation – Lease hold rights – Transfer of capital asset for a consideration – Provision is applicable – Order of Tribunal is affirmed . [S. 2(14), 45, 48]