Capital gains on transfer of tenancy right, not being in the nature of land or building or both, cannot attract provisions of S. 50C

Court : Mumbai bench of Income-tax Appellate Tribunal Citation : The Mumbai bench of Income Tax Appellate Tribunal (the Tribunal) in the case of Kishori Sharad Gaitonde Vs ITO (ITA No. 1561/M/09) held that for attracting the provisions of Section 50C of the Income Tax Act, 1961 (the Act) a capital gains should arise from the sale of land or building or both. However, since in the present case the taxpayer earned capital gains from the transfer of tenancy right which is not a capital asset, being land or building or both, the Tribunal held that Section 50C of the Act was not applicable to the i...