S. 50C : Capital gains-Full value of consideration-Stamp valuation- Transfer of tenancy right-Provision of Section 50 C is not applicable- Revenue has accepted the decision of Shri Atul G. Puranik v. ITO (2011) 132 ITD 499 (Mum)( Trib)- Appeal of Revenue is dismissed. [S. 45, 49]
On appeal by the Revenue dismissing the appeal the Court held that provisions of section 50C of the Act is not attracted in case of tenancy rights. The Tribunal relied on the Shri Atul G. Puranik v. ITO (2011) 132 ITD 499/11 ITR 120/ 141 TTJ 69 (Mum.)(Trib.). Departmental counsel has accepted that decision in the case of Shri Atul G. Puranik (Supra) has been accepted by the Revenue hence no appeal has been preferred. (ITA No. 1821 of 2013 dt. 12-10-2015)(AY.2007-08)(ITA No. 6934/M/2011, dt 15-2-2013)
CIT v. Abdull Aziz Abdul Kadar (Bom)( HC) www.itatonline.org
[Coram : Hon’ble Shri Justice M.S. Sanklecha Hon’ble Shri Justice G. S. Kulkarni]