NARENDRA SHANTIKUMAR FIRODIA,AHMEDNAGAR vs. DEPUTY COMMISSIONER OF INCOME TAX, AHMEDNAGAR

Bench: Hon’Ble Shri Ss Viswanethra Ravi & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No. 494/Pun/2020 निर्धारण वर्ा / Assessment Year : 2014-15 Shri Narendra Shantikumar Firodia, 5 Shobha Sadan, Aurangabad Road, Dsp Chowk, Ahmednagar – 414 002 Pan :Aabpf6158K . . . . . . . अपऩलधथी / Appellant बनाम / V/S. Dy. Commissioner Of Income Tax, Ahmednagar. . . . . . . . प्रत्यथी / Respondent द्वारा / Appearances Assessee By : Shri C. H. Naniwadekar Revenue By : Shri Ramnath Murkunde सपिवधई की तधरऩख / Date Of Conclusive Hearing : 13/10/2022 घोर्णध की तधरऩख / Date Of Pronouncement : 09/12/2022 आदेश / Order Per G. D. Padmahshali, Am; The Present Appeal Is Assailed Against The Order Of Commissioner Of Income Tax (Appeals)-2, Pune [For Short “Cit(A)”] Dt. 20/03/2020 Passed U/S 250 Of The Income-Tax Act, 1961 [For Short “The Act”] Upholding The Order Of Assessment Dt. 28/12/2016 Passed U/S 143(3) Of The Act By Asstt. Commissioner Of Income Tax, Ahmednagar Circle, Ahmednagar [For Short “Ao”] For The Assessment Year [For Short “Ay”] 2014-15. Itat-Pune Page 1 Of 8

68. 10. In view of the aforesaid factual position and in law, we find that the present transaction of transfer of leasehold right in question does not warrant invoking of section 50C(1) of the Act, as the property in question is not of the explicitly covered by section 50C(1) of the Act, for the reason