https://www.taxtmi.com/caselaws?id=420566 The Tribunal ruled in favor of the assessee, quashing the Section 263 proceedings initiated by the Principal Commissioner of Income Tax. It held that the Assessing Officer had conducted thorough inquiries and made a reasonable decision regarding the computation of capital gains and sale consideration. The Tribunal also determined that the capital gain should be treated as long-term, considering the holding period from the date of allotment of leasehold rights. Additionally, it found that Section 50C of the Income Tax Act was not applicable to the sale of leasehold rights, as it pertains to land or building transfers, not leasehold rights. The appeal by the assessee was allowed. en-us Thu, 31 Mar 2022 00:00:00 +0530 Mon, 04 Apr 2022 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420566 The Tribunal ruled in favor of the assessee, quashing the Section 263 proceedings initiated by the Principal Commissioner of Income Tax. It held that the Assessing Officer had conducted thorough inquiries and made a reasonable decision regarding the computation of capital gains and sale consideration. The Tribunal also determined that the capital gain should be treated as long-term, considering the holding period from the date of allotment of leasehold rights. Additionally, it found that Section 50C of the Income Tax Act was not applicable to the sale of leasehold rights, as it pertains to land or building transfers, not leasehold rights. The appeal by the assessee was allowed. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420566