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2016 (12) TMI 353 - HC - Income TaxAddition of Long Term Capital Gain - applicability of provisions of section 50C to transfer of land and building, being a leasehold property - Held that:- Tribunal followed its decision in Atul G. Puranik vs. ITO [2011 (5) TMI 576 - ITAT, Mumbai] which held that Section 50C is not applicable while computing capital gains on transfer of leasehold rights in land and buildings. As Revenue, states that the Revenue has not preferred any appeal against the decision of the Tribunal in the case of Atul Puranik (supra), thus, it could be inferred that it has been accepted. As held in Apex Court in UOI vs. Satish P. Shah (2000 (12) TMI 5 - SUPREME Court ) has laid down the salutary principle that where the Revenue has accepted the decision of the Court/Tribunal on an issue of law and not challenged it in appeal, then a subsequent decision following the earlier decision cannot be challenged. Further, it is not the Revenue's case before us that there are any distinguishing features either in facts or in law in the present appeal from that arising in the case of Atul Puranik (supra). - Decided against revenue
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