https://www.taxtmi.com/caselaws?id=337651 The Tribunal ruled in favor of the appellant, holding that the creation of a tenancy did not constitute a transfer under the IT Act. It emphasized that the tenant had limited rights and that there was no transfer of asset as per Section 45(2) of the IT Act. Additionally, the Tribunal clarified that Section 50C, which applies to land or building transfers, does not extend to tenancy rights transfers. Therefore, the Tribunal dismissed the Revenue's appeal and confirmed that capital gains provisions and Section 50C did not apply to the tenancy rights transfer in question. en-us Mon, 09 Jan 2017 00:00:00 +0530 Fri, 13 Jan 2017 10:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337651 The Tribunal ruled in favor of the appellant, holding that the creation of a tenancy did not constitute a transfer under the IT Act. It emphasized that the tenant had limited rights and that there was no transfer of asset as per Section 45(2) of the IT Act. Additionally, the Tribunal clarified that Section 50C, which applies to land or building transfers, does not extend to tenancy rights transfers. Therefore, the Tribunal dismissed the Revenue's appeal and confirmed that capital gains provisions and Section 50C did not apply to the tenancy rights transfer in question. Case-Laws Income Tax Mon, 09 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337651