https://www.taxtmi.com/caselaws?id=457992 ITAT Mumbai held that transfer of tenancy rights does not constitute transfer of capital asset under section 50C. The assessee transferred only tenancy rights in property, not the property itself, as evidenced by monthly rental payments and landlord's right to evict for breach of conditions. Since section 50C applies only to transfer of capital assets being land or building, and tenancy rights transfer does not qualify as such, the addition under section 50C was deleted. The appeal was allowed. en-us Mon, 19 Feb 2024 00:00:00 +0530 Tue, 01 Oct 2024 20:17:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457992 ITAT Mumbai held that transfer of tenancy rights does not constitute transfer of capital asset under section 50C. The assessee transferred only tenancy rights in property, not the property itself, as evidenced by monthly rental payments and landlord's right to evict for breach of conditions. Since section 50C applies only to transfer of capital assets being land or building, and tenancy rights transfer does not qualify as such, the addition under section 50C was deleted. The appeal was allowed. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457992