https://www.taxtmi.com/caselaws?id=754274 ITAT Delhi held that Section 50C of the Income Tax Act does not apply to transfer of leasehold rights in land. The tribunal ruled that Section 50C, being a deeming provision, applies only to capital assets comprising land or building or both, and cannot be extended to lease rights. The decision was supported by precedents from Bombay HC in Greenfield Hotels case and Delhi ITAT in Noida Cyber Park case. The assessing officer was directed to compute capital gains without invoking Section 50C provisions. en-us Tue, 18 Jun 2024 00:00:00 +0530 Wed, 19 Jun 2024 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754274 ITAT Delhi held that Section 50C of the Income Tax Act does not apply to transfer of leasehold rights in land. The tribunal ruled that Section 50C, being a deeming provision, applies only to capital assets comprising land or building or both, and cannot be extended to lease rights. The decision was supported by precedents from Bombay HC in Greenfield Hotels case and Delhi ITAT in Noida Cyber Park case. The assessing officer was directed to compute capital gains without invoking Section 50C provisions. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754274