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32 Shivdeep Tyagi vs. ITO
(2024) 163 taxmann.com 614(DelTrib)
ITA No.: 484(Delhi) of 2024
A.Y.: 2011–12
Date of order: 18th June, 2024
Section: 50C
Deeming provision of section 50C is not applicable to leasehold rights in property.
FACTS
The assessee, a salaried employee, filed his return of income without declaring capital gains on sale of leasehold property for ₹60,00,000.
Subsequently, based on AIR information, the AO reopened the case. Since the assessee did not file any proof of cost of acquisition of the leasehold property, the assessment was completed under section 143(3) / 147 by taxing the entire sale con
