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2021 (9) TMI 98 - AT - Income TaxCapital gain computation - applicability of provisions of section 50C - transfer of right in respect of a leasehold property - HELD THAT:- What the assessee has sold is leasehold rights in certain property and therefore, the provisions of Sec.50C would not be applicable to such a transaction. The provisions of Sec.50C apply in case of transfer of capital asset being land or building or both and are not applicable in case of transfer of leasehold rights in land & buildings. See M/S. GREENFIELD HOTELS & ESTATES PVT. LTD. [2016 (12) TMI 353 - BOMBAY HIGH COURT]. Also see ATUL G. PURANIK VERSUS ITO [2011 (5) TMI 576 - ITAT, MUMBAI] Thus provisions of Sec.50C would not be applicable to the transaction under consideration and therefore, the consequential addition made in the hands of the assessee, would not be sustainable in law - Decided in favour of assessee.
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