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M/S. Manish Films Pvt. Ltd., Indore vs The Ito 3(1), Indore on 10 January, 2019 cites

G.S. Atwal And Co. vs Ito on 4 July, 2007

The Ld. Counsel for the assessee has also relied upon the decision of the coordinate bench rendered in the case of Atul G. Puranik Vs. ITO (supra). The facts in that case as noted by the Tribunal that the assessee was allotted rights in the plot on 16th August, 2004 as compensation for the acquisition of lands acquired by the Special Land Acquisition Officer way back in the year 1970/1972. It is noted that the lease hold rights were for 60 years. The Tribunal after considering the various case laws has held as under:
Calcutta High Court Cites 13 - Cited by 52 - A K Banerjee - Full Document

C.I.T.,Bangalore vs M/S.K.Raheja Hotels & Estate Pvt.Ltd. on 29 October, 2014

The claim of the assessee that it was a slump sale has been rightly rejected by the authorities below. Now coming to another submission of the assessee that what is transfer is the lease hold rights. The revenue has not disputed the fact that the property in question was on the basis of lease hold rights. Even in the sale deeds, it has been described so. The Hon'ble Bombay High Court in the case of CIT Vs. Green Field Hotels and Estates Pvt. Ltd. (supra) considering the question of law urged by the revenue "whether in the facts and in the circumstances of the case and in law the Tribunal was justified in upholding the order of the CIT(A) in deleting the addition of long term capital gain of Rs.80,58,000/- on the ground that provisions of section 50C of the I.T. Act, 1961 10 [ITA 152/Ind/2015] [M/s. Manish Films Pvt. Ltd., Indore] were not applicable to transfer of land and building being a lease hold property".
Supreme Court - Daily Orders Cites 20 - Cited by 47 - Full Document

Dcit 8(3), Mumbai vs Summit Securities Ltd, Mumbai on 14 June, 2017

In support of this contention Ld. Counsel has relied on the decision of the special bench of this Tribunal, Mumbai in the case of DCIT Vs. Summit Securities Ltd. in ITA No.4977/Mum/2009. Further, Ld. Counsel for the assessee submitted that even if it is not treated as a slump sale, in that event also there would not be application of section 50C of the Act as the property in question is a lease hold property on 30 years lease by Indore Development 5 [ITA 152/Ind/2015] [M/s. Manish Films Pvt. Ltd., Indore] Authority. He submitted that what is transferred are merely the lease hold rights pertaining to the capital assets.
Income Tax Appellate Tribunal - Mumbai Cites 16 - Cited by 6 - Full Document
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