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TMI Blog2022 (6) TMI 1483X X X X Extracts X X X X X X X X Extracts X X X X ..... pex court s recent landmark decision in Commissioner of Customs Vs. Dileep Kumar Co [ 2018 (7) TMI 1826 - SUPREME COURT] settling the law that taxing provisions in a fiscal statute have to be strictly construed only. The fact also remains that the assessee appears to have transferred its building as well, as it is evident from its submissions dated 15.03.2016 filed before the AO. That being the case, we are of the view that section 50C is very much applicable regarding the assessee s building as it indeed cover within the specified category of asset u/s 50C(1) of the Act. We, therefore, partly reverse the CIT(A) s lower appellate findings granting full relief to the assessee and restore this latter issue of transfer of assessee s building b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Furniture Ltd vide agreement did. 25/2/2013 for a consideration of Rs. 2,90,00,000/-. This agreement is not registered with registration authorities by paying the stamp duty and registration fee. The appellant claimed that the transfer requires the consent of MIDC and an application for such consent has been made. It was claimed the deed of assignment or conveyance will be executed after obtaining permission from MIDC. The appellant also further stated that the land has to be subdivided by MIDC. The AO had held that the transfer has taken place as the possession of the land has been given and the sale deed has been entered into on a non judicial stamp paper of Rs. 100/-. The AO was therefore of the opinion that the appellant should have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 10 lakhs admitted by the appellant. 5.2. The appellant submitted that only lease hold rights have been transferred to M/s Elvin Furniture Pvt Ltd. It was claimed that the provisions of sec. 50C are not applicable to lease hold rights in view of the words used in sec. 'land or building or both'. It was argued that the ownership of the land indicates all the rights in the land and therefore, only such transfer of all rights would fall within the purview of sec. 50C. Thus claimed that the transfer of lease hold rights which are only part of the rights in the land do not fall within the purview of sec.50C. The appellant relied on the following case laws for the proposition that the provisions of sec.50C does not apply to transfer o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we find no fault with this land of the revenue. So however, every kind of a 'capital asset' is not covered within the scope of sec. 50C of the Act for the purpose of ascertaining the full value of consideration. In-fact, the heading of section itself provides that it is 'special provision for full value of consideration in certain cases . Therefore, there is a significance to the expression 'a capital asset, being land or building or both' contained in section 50C of the Act. The significance is that only capital asset being land or building or both are covered within the scope of sec. 50C of the Act and not all kinds of capital assets. .. .. Para-I3-In view of the aforesaid legal position and in the absence of any decis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law that taxing provisions in a fiscal statute have to be strictly construed only. 4. The fact also remains that the assessee appears to have transferred its building as well, as it is evident from its submissions dated 15.03.2016 filed before the Assessing Officer. That being the case, we are of the view that section 50C is very much applicable regarding the assessee s building as it indeed cover within the specified category of asset u/s 50C(1) of the Act. We, therefore, partly reverse the CIT(A) s lower appellate findings granting full relief to the assessee and restore this latter issue of transfer of assessee s building back to the Assessing Officer for his fresh adjudication on merits as per law within three effective opportunities of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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