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2015 (10) TMI 1889 - AT - Income TaxLong Term Capital Gain on surrender of tenancy right - applicability of provisions of Sec. 50C - assessee is a non-resident individual - Held that:- Undisputedly tenancy right is a capital asset but whether transfer of such capital asset has to be looked upon in the light of the provisions of Sec. 50C of the Act. A perusal of Sec. 50C suggests that it is only for the limited purpose of computing capital gain in respect of sale of land and building, only when such sale take place Stamp duty value has to be substituted for the sale consideration, if the sale consideration is less than the stamp duty value. In our considered opinion, in case of the surrender of tenancy right, provisions of Sec. 50C would not apply. Dismissing Revenue’s appeal, we hold that provisions of Sec. 50C are not applicable on the transfer of tenancy right. As we have dismissed Revenue’s appeal, we do not find any reason for referring the matter to the DVO and adopting DVO’s valuation for the computation of Long Term Capital Gains - Decided in favour of assessee.
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