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TMI Blog2015 (10) TMI 1889X X X X Extracts X X X X X X X X Extracts X X X X ..... uty value. In our considered opinion, in case of the surrender of tenancy right, provisions of Sec. 50C would not apply. Dismissing Revenue’s appeal, we hold that provisions of Sec. 50C are not applicable on the transfer of tenancy right. As we have dismissed Revenue’s appeal, we do not find any reason for referring the matter to the DVO and adopting DVO’s valuation for the computation of Long Term Capital Gains - Decided in favour of assessee. - I.T.A. No. 7468/Mum/2013, I.T.A. No. 7178/Mum/2013 - - - Dated:- 19-8-2015 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER For The Assessee : Shri Ronak Doshi For The Revenue : Shri Randhir Kumar Gupta ORDER PER N.K. BILLAIYA, AM: These ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by DVO u/s. 55A of the Act is chargeable to capital gains tax. 4. The assessee is a non-resident individual. Return for the year was filed on 27.7.2009 declaring income of ₹ 50,25,487/-. The return was selected for scrutiny under CASS and accordingly statutory notice were issued and served upon the assessee. 4.1. The return was selected for scrutiny assessment because as per AIR information, assessee has surrendered his tenancy right by an agreement with deed of assignment of tenancy right wherein the sale consideration was mentioned as ₹ 28 lakhs in which the assessee had shares which came to ₹ 14 lakhs. This property was acquired by the assessee through succession. The assessee has claimed Long Term Capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the assessment order. 8. The Ld. Counsel for the assessee once again stated that the provisions of Sec. 50C do not apply in the case of surrender of tenancy right. Reliance was placed on the decision of the Tribunal in the case of M/s. Munsons Textiles in ITA No. 6320/M/2010(Mum), Smt. Kishori Sharad Gaitonde Vs ITO in ITA No. 1561/M/09 (Mum) and DCIT Vs Tejinder Singh 50 SOT 391(Kol). 9. The Ld. Departmental Representative could not bring any distinguishing decision in favour of the Revenue. 10. We have carefully perused the orders of the authorities below and the decisions of the Co-ordinate Benches brought to our notice by the Ld. AR. The undisputed fact is that the assessee has transferred the tenancy right which has resu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation - 1. For the purposes of this section, Valuation Officer shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). Explanation - 2. For the purposes of this section, the expression assessable means the price which the stamp valuation author ..... X X X X Extracts X X X X X X X X Extracts X X X X
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