Dismissing the appeal of the assessee the Court held that leasehold rights in land constitute a “capital asset” as property can be “held” and not necessarily owned, and therefore s. 50C applies even to transfer/assignment of leasehold rights in land allotted by MIDC. Atul G. Puranik v. ITO (2011) 58 DTR 208 (Mum)(Trib) overruled; CIT v. Greenfield Hotel & Estates (P) Ltd. (2016) 389 ITR 68 (Bom)(HC) distinguished.
Vidarbha Veneere Industries Ltd. v. ITO (2025) 344 CTR 322 / 249 DTR 249/ 174 taxmann.com 223/ (2026) 484 ITR 132 (Bom)(HC)
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of leasehold rights-Provision is applicable in respect of transfer of leasehold rights in the lands which were transferred by the MIDC in favour of the assessee. [S. 2(14)(a), 50C, 260A]
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