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TMI Blog2018 (8) TMI 1560X X X X Extracts X X X X X X X X Extracts X X X X ..... provision of Section 50C of the Act on ground that the assessee sold flats and therefore market value as determined by Registration authority should be applied? - Held that:- The issue is no more res integra. The ITAT in the case of Income Tax Officer vs. Shri Yasin Moosa Godil [2012 (4) TMI 380 - ITAT, AHMEDABAD] held that the assessee has transferred booking rights and received back the booking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or my adjudication is whether the provision of Section 50C of the Act would apply in the facts and circumstances of this case. The assessee entered into an agreement for purchase of unconstructed flats on 24.01.2009 with Shri Ramesh Kr. Gupta and 21 other co-owners including M/s Florida Towers Pvt Ltd. Thus, the assessee acquired certain rights to purchase the said flats. Before the flats were com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was right in invoking the provision of Section 50C of the Act on ground that the assessee sold flats and therefore market value as determined by Registration authority should be applied. The assessee submits, it had not transferred any land or building and hence the provision of Section 50C of the Act do not apply. The Revenue Authority did not accept this claim of assessee. Hence, the assessee b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion that deeming provision can be applied only in respect of the situation specifically given and hence cannot go beyond the explicit mandate of the section. Clearly therefore, it is essential that for application of Sec. 50C that the transfer must be of a capital asset, being land or building or both. If the capital asset under transfer cannot be described as land or building or both then sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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