https://www.taxtmi.com/caselaws?id=297416 The Tribunal allowed the appeal in favor of the assessee, overturning the addition of Rs. 28,42,500 as Long Term Capital Gains. It was held that the transfer of a limited right in land and building does not fall under the purview of section 50C of the Income Tax Act, 1961. The decision was based on the interpretation that section 50C applies only to land and building categories, not to limited rights in such properties. The judgment set a precedent for future cases involving similar issues. en-us Tue, 08 Jun 2021 00:00:00 +0530 Thu, 02 Sep 2021 22:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297416 The Tribunal allowed the appeal in favor of the assessee, overturning the addition of Rs. 28,42,500 as Long Term Capital Gains. It was held that the transfer of a limited right in land and building does not fall under the purview of section 50C of the Income Tax Act, 1961. The decision was based on the interpretation that section 50C applies only to land and building categories, not to limited rights in such properties. The judgment set a precedent for future cases involving similar issues. Case-Laws Income Tax Tue, 08 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297416