The Tax Publishers2023 TaxPub(DT) 724 (Pune-Trib)

In The ITAT, PUNE BENCH

S.S. VISWANETHRA RAVI, J.M. & G.D. PADMAHSHALI, A.M.

Narendra Shantikumar Firodia v. Dy. CIT

ITA No. 494/PUN/2020

9 December, 2022

Assessee by: C.H. Naniwadekar

Revenue by: Ramnath Murkunde

ORDER

G.D. Padmahshali, A.M.

The present appeal is assailed against the order of Commissioner (Appeals)-2, Pune (for short CIT (A)) date 20-3-2020 passed under section 250 of the Income Tax Act, 1961 (for short the Act) upholding the order of assessment date 28-12-2016 passed under section 143(3) of the Act by Assistant Commissioner, Ahmednagar Circle, Ahmednagar (for short AO) for the assessment year (for short AY) 2014-15.

2. The solitary dispute to be adjudicated under the present appeal lies in a very narrow compass as to whether the deeming provision of section 50C applies to leasehold rights in land or building?

3. Before articulating the facts of the case, lets reproduce grounds assailed by the appellant are;

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