Deeming fiction of sec. 50C won't apply where leasehold right in land was transferred: ITAT

INCOME-TAX : If a capital asset being land or building or both is transferred and the consideration received or accruing as a result of such transfer is less than the value adopted or assessed or assessable by the stamp valuation authority, the deeming fiction of law stipulated under sub-section (1) of section 50C shall be attracted to substitute such adopted or assessed or assessable value as full value of consideration received or accruing as a result of such transfer in the given situation

from www.taxmann.com Latest Case Laws https://ift.tt/38bcfkS