https://www.taxtmi.com/caselaws?id=399589 The Tribunal concluded that Section 50C of the Income Tax Act does not apply to leasehold rights in land or building. Therefore, the addition made by the Assessing Officer under this section was deemed unwarranted. The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the addition and setting aside the order of the CIT(A). The decision was pronounced on 12th October 2020. en-us Mon, 12 Oct 2020 00:00:00 +0530 Wed, 14 Oct 2020 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399589 The Tribunal concluded that Section 50C of the Income Tax Act does not apply to leasehold rights in land or building. Therefore, the addition made by the Assessing Officer under this section was deemed unwarranted. The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the addition and setting aside the order of the CIT(A). The decision was pronounced on 12th October 2020. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399589