S.50C (1) cannot be invoked in case of Transfer of Leasehold Right: ITAT [Read Order]

Transfer of Leasehold Right - ITAT - Income Tax - Leasehold Right - Tax - taxscan

The Income Tax appellate tribunal (ITAT) in a case recently held that Section 50C (1) of the Income Tax Act 1961 cannot be invoked in case of transfer of leasehold right. As per section 50C (1) of the Income Tax Act 1961 refer that an assessee received any consideration by way of transfer of asset…

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