https://www.taxtmi.com/caselaws?id=366088 The Tribunal held that Section 50C of the Income Tax Act does not apply to the sale of rights to purchase unconstructed flats as it is a deeming provision that applies only to land or building. Since the assessee had only sold rights in the property and not land or building itself, Section 50C could not be invoked. Therefore, the appeal was allowed, and the order was pronounced in open court on 04/07/2018. en-us Wed, 04 Jul 2018 00:00:00 +0530 Thu, 30 Aug 2018 05:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366088 The Tribunal held that Section 50C of the Income Tax Act does not apply to the sale of rights to purchase unconstructed flats as it is a deeming provision that applies only to land or building. Since the assessee had only sold rights in the property and not land or building itself, Section 50C could not be invoked. Therefore, the appeal was allowed, and the order was pronounced in open court on 04/07/2018. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366088