TMI Blog2022 (9) TMI 919X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 50C(1) of the Act wherein various judicial precedents in CIT Vs. Greenfield Hotels and Estates Pvt. Ltd.[ 2016 (12) TMI 353 - BOMBAY HIGH COURT] , KancastPvt. Ltd. [ 2015 (4) TMI 588 - ITAT PUNE] , GVK industries Ltd. [ 2011 (3) TMI 1 - SUPREME COURT] hold that such a leasehold right does not come under either of the twin specified categories of land or building or both ; as the case may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties. Case file perused. 2. It emerges at the outset that the assessee s sole substantive ground challenging section 56(2)(vii)(b) addition of Rs.67,61,000/- pertaining to the alleged purchase/acquisition of the asset i.e. plot no. J326 in MIDC industrial area, hardly requires us to delve deeper in the relevant factual matrix for the reasons hereunder. 3. We note with the able assistance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding or both. We note that the legislature has used an identical expression in section 50C(1) of the Act wherein various judicial precedents (2017) 77 taxmann.com 308 (Bom.) CIT Vs. Greenfield Hotels and Estates Pvt. Ltd., (2015) 55 taxmann.com 171 (Pune) KancastPvt. Ltd. Vs. ITO, (2011) 4 SCC 36 (SC) GVK industries Ltd. V/s. ITO and 2020 TIOL-307-ITAT-Kolkata hold that such a leasehold right d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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