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TMI Blog2024 (10) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... per the agreement the assessee was assured 351.87 sq.ft on the second floor of the proposed building and 105.81 sq.ft on the first floor immediately over and above. Since, no alternate accommodation was provided in the impugned year, no transaction was reported by the registering authority. Subsequently, vide deed of transfer dated 21/07/2017, the assessee was allotted only 351.86 sq.ft carpet area and on such deed of transfer, stamp duty was paid at Rs. 38.48 lakhs which is the bone of contention. Assuming that there was a transfer of tenancy right during the year under consideration even then as per the decision of Abdul Aziz Abdul Kadar [ 2015 (10) TMI 2859 - BOMBAY HIGH COURT] provisions of Section 50C of the Act do not apply. We are o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for its tenants / occupants. As the building was undertaken for re- development, the assessee in lieu of the tenancy property would be given a permanent alternate accommodation. It was further explained that the said property is still under construction. 5. The reply of the assessee was considered by the AO along with supporting documents but did not accept the contention of the assessee. As per the deed of transfer, the assessee has transferred a property for Rs. 38.48 lakhs but no capital gain is reflected / declared by the assessee and since the deed of transfer is executed by the assessee, the assessee is considered as transferor of the capital asset and as the stamp valuation authority determined Rs. 38.48 lakhs as the value of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on ble High Court of Bombay in the case of Abdul Aziz Abdul Kadar in ITA No.1821 of 2013. 8. Per contra, the DR strongly supported the findings of the AO and read the operative part of the assessment order and the order of the First Appellate Authority. 9. We have given a thoughtful consideration to the orders of the authorities below. The undisputed fact is that the assessee is a tenant / occupant of Shop No.3, 1st Floor, Rani Building, at Junction of V.P. Road, Raja Rammohan Roy Road, Girgaum, Mumbai. It is also not in dispute that as per the Articles of agreement of October 2016, assessee agreed to surrender his tenancy rights in lieu of the allotment of a permanent alternate accommodation. As per the agreement the assessee was assured 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia holding that the provisions of Section 50C of the Act would not be attracted in case of transfer of tenancy rights. The impugned order placed reliance upon its own decision in Shri. Atul G.Puranik Vs. ITO 12(1)(1) vide ITA No.3051/M/2010 decided on 13 May 2011. The Tribunal in case of Shri. Atul G.Puranik (supra) had held that transfer of tenancy rights is neither 'a land or building or both' and thus would not be covered under Section 50C of the Act. Mr. Malhotra, learned Counsel for the Revenue very fairly states that the Revenue has accepted the decision in the case of Shri. Atul G. Puranik (supra) inasmuch as no appeal has been preferred against the said order. In the above view of the matter, the questions as raised do not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome time in 1965 and the assessee thereafter occupied the said flat as a statutory tenant. The building in which the said flat was situated was sold to Jolly and Maker (P) Ltd. who served on the assessee a notice to quit purporting to be under s. 13(1)(hh) of the Bombay Rents, Hotel and Lodging House Rates (Control) Act, 1947. The validity of this notice was disputed by the assessee but that would not make any difference to the fact that the assessee was a statutory tenant of the said flat. Ultimately, pursuant to an arrangement arrived at between the said Jolly and Maker (P) Ltd. and the assessee, the assessee handed over vacant possession of the said flat and was given alternate accommodation in the shape of an ownership flat of a lesser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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