https://www.taxtmi.com/caselaws?id=314561 ITAT Pune held that section 50C does not apply to transfer of leasehold rights as they fall outside the scope of specified assets (land or building) under the provision. The tribunal applied strict construction principle for taxing provisions, citing SC precedent. However, regarding the building transfer component, section 50C was deemed applicable as buildings are specified assets. The CIT(A)'s decision granting full relief was partly reversed. The matter concerning building transfer was remanded to AO for fresh adjudication. Revenue's appeal was partly allowed for statistical purposes. en-us Thu, 30 Jun 2022 00:00:00 +0530 Thu, 20 Jun 2024 06:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314561 ITAT Pune held that section 50C does not apply to transfer of leasehold rights as they fall outside the scope of specified assets (land or building) under the provision. The tribunal applied strict construction principle for taxing provisions, citing SC precedent. However, regarding the building transfer component, section 50C was deemed applicable as buildings are specified assets. The CIT(A)'s decision granting full relief was partly reversed. The matter concerning building transfer was remanded to AO for fresh adjudication. Revenue's appeal was partly allowed for statistical purposes. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314561