https://www.taxtmi.com/caselaws?id=236118 The Tribunal dismissed the revenue's appeal, affirming that Section 50C did not apply to the transfer of leasehold rights. It was held that the transfer did not amount to a sale of a capital asset, and thus, capital gains provisions were not applicable. The Tribunal agreed with the CIT(A) that no additional consideration was received beyond the sale agreement. The use of circle rates to determine fair market value was deemed improper, leading to the deletion of the addition to the assessee's income. The decision was pronounced on 08.08.13. en-us Thu, 08 Aug 2013 00:00:00 +0530 Wed, 14 Aug 2013 20:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236118 The Tribunal dismissed the revenue's appeal, affirming that Section 50C did not apply to the transfer of leasehold rights. It was held that the transfer did not amount to a sale of a capital asset, and thus, capital gains provisions were not applicable. The Tribunal agreed with the CIT(A) that no additional consideration was received beyond the sale agreement. The use of circle rates to determine fair market value was deemed improper, leading to the deletion of the addition to the assessee's income. The decision was pronounced on 08.08.13. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236118