https://www.taxtmi.com/caselaws?id=196557 The High Court of Bombay dismissed the Revenue's appeal regarding the interpretation of Section 50C of the Income Tax Act for the Assessment Year 2007-08. The Court upheld that Section 50C applies only to the transfer of land or building, not leasehold rights. The decision followed the precedent set in Atul G. Puranik v. ITO, with the Court noting the Revenue's acceptance of that judgment. As the current case mirrored the facts of Atul G. Puranik, no substantial legal issue was found, leading to the dismissal of the appeal without costs awarded. en-us Tue, 26 Jul 2016 00:00:00 +0530 Wed, 06 Dec 2017 22:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196557 The High Court of Bombay dismissed the Revenue's appeal regarding the interpretation of Section 50C of the Income Tax Act for the Assessment Year 2007-08. The Court upheld that Section 50C applies only to the transfer of land or building, not leasehold rights. The decision followed the precedent set in Atul G. Puranik v. ITO, with the Court noting the Revenue's acceptance of that judgment. As the current case mirrored the facts of Atul G. Puranik, no substantial legal issue was found, leading to the dismissal of the appeal without costs awarded. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196557