https://www.taxtmi.com/caselaws?id=222144 The Tribunal dismissed the Revenue's appeal, upholding the CIT (A)'s decision that section 50C of the IT Act does not apply to the transfer of tenancy rights for the assessment year 2007-2008. The Tribunal emphasized that section 50C applies only to "land or building or both," excluding tenancy rights from its scope. Relying on established legal principles, the Tribunal ruled in favor of the assessee, highlighting that the deeming provisions of section 50C cannot extend to cover tenancy rights as they are not classified under the specified categories. en-us Fri, 15 Feb 2013 00:00:00 +0530 Tue, 16 Apr 2013 17:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222144 The Tribunal dismissed the Revenue's appeal, upholding the CIT (A)'s decision that section 50C of the IT Act does not apply to the transfer of tenancy rights for the assessment year 2007-2008. The Tribunal emphasized that section 50C applies only to "land or building or both," excluding tenancy rights from its scope. Relying on established legal principles, the Tribunal ruled in favor of the assessee, highlighting that the deeming provisions of section 50C cannot extend to cover tenancy rights as they are not classified under the specified categories. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222144