https://www.taxtmi.com/highlights?id=74900 Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender of rights by the assessee and computed LTCG - The ITAT examined the terms of the tenancy agreements and found no evidence to support the conclusion that the transaction constituted a sale or transfer of ownership rights. They noted that the agreements were in accordance with the Maharashtra Rent Control Act, 1999, and there was no consideration passed between the parties. - Additions made as long term capital gains deleted. en-us Wed, 14 Feb 2024 07:14:33 +0530 Wed, 14 Feb 2024 07:14:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74900 Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender of rights by the assessee and computed LTCG - The ITAT examined the terms of the tenancy agreements and found no evidence to support the conclusion that the transaction constituted a sale or transfer of ownership rights. They noted that the agreements were in accordance with the Maharashtra Rent Control Act, 1999, and there was no consideration passed between the parties. - Additions made as long term capital gains deleted. Highlights Income Tax Wed, 14 Feb 2024 07:14:33 +0530 https://www.taxtmi.com/highlights?id=74900