Legal Reference Library

In CIT vs. Greenfield Hotels & Estates Pvt. Ltd, the issue before the Tribunal was whether Section 50C of the Act would be applicable to transfer of leasehold rights in land and buildings. The Tribunal followed its decision in Atul G. Puranik vs. ITO (ITA No.3051/Mum/2010) decided on 13 May 2011 which held that Section 50C is not applicable while computing capital gains on transfer of leasehold rights in land and buildings. On appeal by the department to the Hon'ble Bombay High Court held dismissing the appeal:

Anil Kumar Srivastava vs State Of U.P. & Another on 20 August, 2004 Author: Kapadia Bench: Ashok Bhan, S.H. Kapadia            CASE NO.: Appeal (civil)  5402 of 2004 PETITIONER: Anil Kumar Srivastava RESPONDENT: State of U.P. & Another DATE OF JUDGMENT: 20/08/2004 BENCH: ASHOK BHAN & S.H. KAPADIA JUDGMENT: J U D G M E N T [Arising out of SLP (C) No.7790 OF 2004] WITH TRANSFERRED CASE No.54 OF 2004. On the above submissions, the central point which arises for determination is : whether the tender price of Rs.31,850/- per sq. mtr. is understated. In the present case, respondent no.2 invited offers for the plot admeasuring 54,320.18 sq. mtrs. for the shopping mall with 2800 ECS in order to decongest sector 18. Wide publicity was given. Several reputed developers bought tender documents. However, at the end of the day, there was only one bidder (respondent no.3) in the field. In the present case, malafides have been alleged,...

   The Bank of Bihar Ltd. v. Dr. Damodar Prasad & Anr., AIR 1969  297 Maharashtra State Electricity Board, Bombay v. The Official Liquidator, High Court, Ernakulam & Anr., AIR 1982 SC 1497 Union Bank of India v. Manku Narayana, AIR 1987 SC 1078 State Bank of India v. Messrs. Indexport Registered & Ors., AIR 1992 SC 1740 State Bank of India v. M/s. Saksaria Sugar Mills Ltd. & Ors., AIR 1986 SC 868 Industrial Investment Bank of India Ltd. v. Biswasnath Jhunjhunwala, (2009) 9 SCC 478 United Bank of India v. Satyawati Tondon & Ors., AIR 2010 SC 3413) Lachhman Dass v. Jagat Ram & Ors., (2007) 10 SCC 448; Narmada Bachao Andolan v. State of Madhya Pradesh & Anr., AIR 2011 SC 1589 ( IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 6204 OF 2009 Ram Kishun & Ors. ...Appellants Versus State of U.P. & Ors. ...Respondents J U D G M E N T We have considered the rival submissions made by learne...