https://www.taxtmi.com/caselaws?id=780046 ITAT MUMBAI - AT held that section 50C's deeming provision applies only to transfer of "land or building or both" and does not extend to leasehold rights, which constitute a distinct capital asset. Relying on SC principles of narrow construction of deeming provisions and the express legislative distinction between "land or building" and "any right in land or building," the tribunal followed the latest HC authority on the point and sustained the assessing officer's view. Decision adverse to the assessee. en-us Tue, 30 Sep 2025 00:00:00 +0530 Fri, 17 Oct 2025 08:08:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780046 ITAT MUMBAI - AT held that section 50C's deeming provision applies only to transfer of "land or building or both" and does not extend to leasehold rights, which constitute a distinct capital asset. Relying on SC principles of narrow construction of deeming provisions and the express legislative distinction between "land or building" and "any right in land or building," the tribunal followed the latest HC authority on the point and sustained the assessing officer's view. Decision adverse to the assessee. Case-Laws Income Tax Tue, 30 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780046