13,800/- per sq. yard, considering the land’s area to be 4000 sq. meters. Consequently, the fair market value of the land was computed at a minimum of INR 6,60,19,200/-. Since the assessee owned 50 percent of this land, the sale consideration for capital gains computation for the assessee amounted to INR 3,30,09,600/-. Given that the assessee had already declared INR 1,09,00,000/- from this transaction, the differential amount of INR 2,21,09,600/- was included in the assessee's taxable income as long-term capital gains. 11. The ITAT, however, in the impugned order noted that Section 50C of the Act applies to the transfer of land or buildings in cases where they are registered with the appropriate authority by paying the stamp duty. However, in the present case, there was no evidence to assert that any stamp duty has been paid for the transfer of land, rather there was a mere transfer of shares in a company. 12. Further, while relying on the case of assesse’s brother namely, Mr. Santosh Kumar Garg, who was 50 percent owner of the shares in ITA 2864/DEL/2013, the ITAT held that even if it is presumed that the transfer of shares of the said company can be equated to the transfer of the land, without any proof of additional funds exchanged, no adjustment is justified under Section 50C of the Act. Consequently, the ITAT deleted the additions. The relevant extract from the said order is reproduced hereinbelow: -
