S. 49 read with S. 47 (xiii)

[surendrachopra]

Firm revalued its land to 50 lacs ( books value 5 lacs) and then transferred all assets and liabilities to a company by complying the provisions of S. 47(xiii). After two years company sold the land at Rs. 70 lacs. There was a judgement of either Tribunal or HC that in such a case cost to previous owner formula will not apply because there is no such provision in S. 49 and for capital gain cost in hands of company being Rs. 50 lacs will be taken into account. If anybody can share the citation. Though we know that S. 49(1) (iii)(e) has been amended by Finance Act 2012 w.r.e.f from 01-04-1999 whereby in such cases now cost to previous owner will have to be taken into account. I need the citation in penalty proceedings.