Section
35(1)(a) , Section 54G(1) , Section 54GA(1) and Section
269UA(d) and Explanation to Section 155(5A) . Thus, Section
50C applies only ... Section
35(1)(a) , Section 54G(1) , Section 54GA(1) and Section
269UA(d) and Explanation to Section 155(5A) . Thus, Section
50C applies only
purposes of capital gains on transfer of a tenancy rights or development
rights as Section 50C of the Act is applicable to transfer of land ... considered view the assessee rightly exercised its right and
invoked the provisions of Section 50C(2) of the Act to refer the matter
land and building as
contemplated under section 50C of the Act, hence the provisions of section
50C of the Act would not be attracted ... leasehold rights in land within the
purview of section 50C of the Act. Quite clearly, section 50C of the Act
applies only to capital asset
rights in a land. As the assessee transferred lease right for sixty years in the
Plot and not land itself, the provisions of sec.50C ... leasehold rights in land within the purview of section 50C of the Act. Quite
clearly, section 50C of the Act applies only to capital asset
properties on
lease and it has only sold the lease rights and Section 50C is not applicable on
sale of leasehold rights. Learned Assessing Officer ... land or building or both. On the other nature of capital rights, Section 50C is
not applicable. This issue has been considered in various cases
title in property, therefore, section 50C will not apply. The
provisions of section 50C are not attracted where there is no
transfer of capital asset ... provisions of section 50C of the Act. The provisions of section
50C does not apply on the transfer of development rights. To
support his contentions
simple reason that the assessee has transferred only
leasehold rights and therefore Section 50C is not applicable in this case and therefore ... valuation authority, the deeming fiction
of law stipulated under Sub-Section (1) of Section 50C of the Act shall be attracted to
substitute such adopted
application of provisions of section 50C of the Act in the case of
sale of leasehold rights. The case of the assessee is squarely
covered ... issue before the Tribunal was whether Section 50C of the
Act would be applicable to transfer of leasehold rights in land and buildings.
The impugned
section 2(47) i.e relinquishment of asset. We are, therefore, of the
opinion that the provisions of section 50C are • applicable when the rights ... Rights. As. a
result, even if it is taken that what was transferred was such a right alone, even then the
application of section 50C
read section 50C with respect to
section 2(14)(a) of the Act, we come to the conclusion that section 50C equally
applies ... separately. Sub-section (2) of
section 50C has to be read without affecting the applicability of sub-section (1).
Similarly, sub-section
