The decision was pronounced by ITAT bench of Shri Pramod Kumar and Shri Mahavir Singh.
A Mumbai bench of ITAT, in the case of Atul Puranik [TS-197-ITAT-2011(Mum)], has held that Sec 50C is not applicable to the transfer of ‘lease rights’ in land. ITAT observed that Sec 50C, being a deeming provision, would be applicable only for transfer of land and building and not in respect of any ‘lease rights’ in land or building. As per sec 50C, while computing capital gains, a higher stamp duty value can be substituted for actual ‘sales price’ in case of transfer of land or building.
Tejinder Singh [TS-121-ITAT-2012(Kol)]