constructed on leasehold land owned by MIDC applying provisions of section
50C of the Act as against short term capital gains of Nil declared ... exemption under section 54EC of the Act. The Assessing Officer
noted that the assessee had nowhere disputed that the provisions of section 50C
Act in the cases covered by
section 45(3) of the Act. As a consequence, the AO held that the provisions of
section 50C ... sec. 50C comes into play and as
such, the provision of sec. 50C over-rides the provision of sec.45(3)
of the Act
stamp duty valuation under section 50C
of the Act was Rs.1,07,31,000/-. The assessee had also calculated the cost of
improvement ... same under section 35 of the Wealth Tax Act. He referred
to the provisions of section 35(aaa) of the Wealth Tax Act and pointed
Act, 2012 w.e.f. 01.04.2003. Similar type of section i.e. section 43C was inserted
by Finance Act, 2013 w.e.f. 01.04.2014. Section ... such transfer.
(2) The provisions of sub-section (2) and sub-section (3) of section 50C
shall, so far as may be, apply in relation
Since as per the provisions of section 50C(2) r.w.s. 50C(3)
of the Act has a mandate that subject to the provision ... capital gain tax as per the provisions of section 45
r.w. section 50C of the Act was at ₹.19,70,85,992/-, as determined
Departmental
Representative is that amendment to Sub Section (1) to Sec. 50C of
the Act brought in through Finance Act ... Appeals) had considered only the amendment to Sub Section (1) to
Sec. 50C of the Act, brought in through Finance (No.2) Act
section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of
section 24 , section 34AA, section 35 and section ... Assessing Officer under sub-section (1) of section 16A of that Act.
Explanation --For the purposes of this section, "Valuation Officer" shall
have
claiming the exemption u/s. 54EC of the Act. As
per the provision of Sec. 54EC of the Act the assessee requires to make
investment ... provision of law as specified Section 54EC of the Act. Accordingly, the
deduction u/s 54EC of the Act in the instant case shall
section 269UA(d) of the Act and therefore transfer in relation
to a capital asset defined in section 2(47) of the Act would include ... property" contained in section 269UA(d) of the Act has been
referred to in section 2(47) of the Act only in relation
consideration shall be determined as per Section 45 (3) and not under Section 50C of Act, 1961 without appreciating that transfer of land by Assessee ... applicability of Section 50C, vis-a-vis, mutual relationship of execution or harmonious consideration of Section 45 (3) , 48 and 50C of Act
