Section 50C can be applied only to Capital Assets not to Leasehold Rights: ITAT [Read Order]
The ITAT held that as Section 50C applies only to a capital asset, be it land, a building, or both, it cannot be made applicable to lease rights in land
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that Section 50C of the Income Tax Act, 1961 can be applied only to capital asset not to leasehold rights. Shivdeep Tyagi, the appellant/assessee, a salaried employee, filed his Income Tax Return ( ITR ) for the relevant assessment year 2011–12 on…
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