https://www.taxtmi.com/caselaws?id=446524 The ITAT Delhi held that Section 50C does not apply to transfer of leasehold rights in land and buildings, following Green Hotels precedent. The tribunal accepted sale consideration of Rs. 75 lakhs for leasehold transfer. Land held for over three years qualified for long-term capital gains with indexation benefits, while building depreciation was governed by Section 50. The tribunal allowed cost of construction claims supported by financial statements and permitted business expense deductions, ruling that absence of transactions in one year doesn't establish business abandonment per Mokul Finance precedent. Assessee's appeal was allowed. en-us Fri, 29 Sep 2023 00:00:00 +0530 Wed, 06 Dec 2023 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446524 The ITAT Delhi held that Section 50C does not apply to transfer of leasehold rights in land and buildings, following Green Hotels precedent. The tribunal accepted sale consideration of Rs. 75 lakhs for leasehold transfer. Land held for over three years qualified for long-term capital gains with indexation benefits, while building depreciation was governed by Section 50. The tribunal allowed cost of construction claims supported by financial statements and permitted business expense deductions, ruling that absence of transactions in one year doesn't establish business abandonment per Mokul Finance precedent. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 29 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446524