When can provisions of section 50C of the IT Act not be invoked for calculating LTCG?

Last updated: 07 September 2021

Save Share

Quick Summary

This judgement clarifies that Section 50C of the Income Tax Act, which deals with the notional sale value of property for capital gains, does not apply when an assessee transfers leasehold rights in a property. The tribunal ruled that Section 50C is specifically for the transfer of land or buildings, not for the transfer of rights associated with them. Additionally, the appeal addressed the disallowance of interest paid to partners where the original partnership deed did not permit such payments.

Court :
ITAT Mumbai

Brief :
Aforesaid appeal by assessee for Assessment Year (AY) 2010-11 arises out of the order of learned Commissioner of Income-Tax (Appeals)-58, Mumbai [CIT(A)], order dated 30/07/2019 in the matter of assessment framed by Ld. Assessing Officer (AO) u/s 143(3) on 05/02/2013.

Citation :
I.T.A. No.5644/Mum/2019

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Judgements Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 011-411-70713

Attached File : 1442821_4350_1630476009_ita_5644_of_mukesh_dattani.pdf

downloaded 274 times

141 Views Comment Share Income Tax Report

Judgement posted by

Poojitha Raam Vinay

Practice

I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

View Judgements

Comments