|The Tax Publishers2020 TaxPub(DT) 4299 (Del-Trib) : (2021) 186 ITD 0593
INCOME TAX ACT, 1961
Section 50C could not be invoked as regards transfer of leasehold rights in land and building.
Capital gains - Applicability of section 50C - Transfer of leasehold rights in land and building -
As regards leasehold rights in land and building transferred by assessee, AO invoked section 50C and made addition. Held: Section 50C(1) covers a capital asset being 'Land or building or both', whereas in the instant case, what was transacted was merely leasehold rights in land and building. Accordingly, property in question was not of the nature covered by section 50C(1) and, therefore, addition could not be sustained.
FAVOUR : In assessee's favour.
A.Y. : 2015-16
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