https://www.taxtmi.com/caselaws?id=751559 The ITAT Kolkata held that leasehold rights in land do not fall within the purview of section 50C of the Income Tax Act. The tribunal distinguished between freehold and leasehold properties, noting that section 50C applies only to capital assets being "land or building or both" and does not specifically include rights in land. The tribunal observed that where the legislature intended to include rights in land, it made specific references in other sections like 54D, 54G, and 54GA, but not in section 50C. The CIT(A)'s deletion of the LTCG addition was upheld, and the revenue's appeal was dismissed. en-us Fri, 22 Mar 2024 00:00:00 +0530 Thu, 18 Apr 2024 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751559 The ITAT Kolkata held that leasehold rights in land do not fall within the purview of section 50C of the Income Tax Act. The tribunal distinguished between freehold and leasehold properties, noting that section 50C applies only to capital assets being "land or building or both" and does not specifically include rights in land. The tribunal observed that where the legislature intended to include rights in land, it made specific references in other sections like 54D, 54G, and 54GA, but not in section 50C. The CIT(A)'s deletion of the LTCG addition was upheld, and the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751559