https://www.taxtmi.com/caselaws?id=196681 The Appellate Tribunal dismissed the appeal filed by the Revenue and the Cross Objection filed by the assessee. It held that section 50C of the IT Act does not apply to the transfer of leasehold rights, citing precedents and clarifications from various decisions. Additionally, the Tribunal supported the set off of loss against income from other sources instead of long-term capital gains, in line with a CBDT Circular from 1955 and provisions of Section 71(2), to maximize the benefit to the assessee. en-us Fri, 04 Nov 2016 00:00:00 +0530 Tue, 12 Dec 2017 09:34:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196681 The Appellate Tribunal dismissed the appeal filed by the Revenue and the Cross Objection filed by the assessee. It held that section 50C of the IT Act does not apply to the transfer of leasehold rights, citing precedents and clarifications from various decisions. Additionally, the Tribunal supported the set off of loss against income from other sources instead of long-term capital gains, in line with a CBDT Circular from 1955 and provisions of Section 71(2), to maximize the benefit to the assessee. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196681