https://www.taxtmi.com/caselaws?id=285600 The Appellate Tribunal ITAT KOLKATA allowed the appeal of the assessee, emphasizing the distinction between ownership and tenancy rights in property transactions. The Tribunal ruled in favor of the assessee on grounds related to the Stamp Valuation Authority's value adoption and the failure to refer the matter to the Valuation Officer. The judgment clarified that consideration received on surrender of leasehold rights is not subject to section 50C of the Income-tax Act, 1961, impacting the computation of Long Term Capital Gains. en-us Thu, 21 Nov 2013 00:00:00 +0530 Sat, 18 Jan 2020 16:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285600 The Appellate Tribunal ITAT KOLKATA allowed the appeal of the assessee, emphasizing the distinction between ownership and tenancy rights in property transactions. The Tribunal ruled in favor of the assessee on grounds related to the Stamp Valuation Authority's value adoption and the failure to refer the matter to the Valuation Officer. The judgment clarified that consideration received on surrender of leasehold rights is not subject to section 50C of the Income-tax Act, 1961, impacting the computation of Long Term Capital Gains. Case-Laws Income Tax Thu, 21 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285600