Court Rules Section 50C Inapplicable to Leasehold Rights, Assessee Wins Property Transfer Value Dispute Against Tax Department.

Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the assessee cannot transfer/confer ownership rights in the said property in favour of the tenant - The Department has only questioned the transfer value in respect of one single property while accepting the sale/transfer value respect of all the other properties. Therefore, considering the above facts and the consistent position taken by various Courts/Tribunals on the issue of applicability of section 50C of the Act on transfer of leasehold rights in the property, we allow the appeal of the assessee. - AT .....

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