https://www.taxtmi.com/caselaws?id=401315 The tribunal partly allowed the appeal, ruling that section 50C of the Income Tax Act does not apply to the transfer of leasehold rights, based on legal precedents. The assessing officer was directed to delete the addition made under section 50C. The challenge to the assessment order under section 143(3) was dismissed as general. The determination of short term capital gain was affected by the decision on the first issue and was not further addressed. The tribunal's decision was fair and supported by legal analysis and precedents, favoring the appellant. en-us Wed, 02 Dec 2020 00:00:00 +0530 Thu, 03 Dec 2020 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401315 The tribunal partly allowed the appeal, ruling that section 50C of the Income Tax Act does not apply to the transfer of leasehold rights, based on legal precedents. The assessing officer was directed to delete the addition made under section 50C. The challenge to the assessment order under section 143(3) was dismissed as general. The determination of short term capital gain was affected by the decision on the first issue and was not further addressed. The tribunal's decision was fair and supported by legal analysis and precedents, favoring the appellant. Case-Laws Income Tax Wed, 02 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401315