https://www.taxtmi.com/caselaws?id=341789 The Tribunal ruled in favor of the assessee, determining that the transfer involved a right of allotment in the property, not the property itself. As Section 50C applies only to land or building, not to rights in property, the Tribunal held that the deeming provisions of Section 50C did not apply in this case. Consequently, the addition made by the AO and upheld by the CIT(A) was overturned, and the appeal by the assessee was allowed. en-us Fri, 17 Feb 2017 00:00:00 +0530 Tue, 18 Apr 2017 08:59:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341789 The Tribunal ruled in favor of the assessee, determining that the transfer involved a right of allotment in the property, not the property itself. As Section 50C applies only to land or building, not to rights in property, the Tribunal held that the deeming provisions of Section 50C did not apply in this case. Consequently, the addition made by the AO and upheld by the CIT(A) was overturned, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341789