Valuation as per deeming provision u/s 50C not applicable on mere transfer of rights in land

Brief of the Case ITAT Jaipur held In the case of ITO vs. Tara Chand Jain that the right in land cannot be equated with the land or building. Therefore, it is concluded that section 50C is applicable to transfer of capital asset only in respect of land or building or both and is not applicable to right in land. In the present case, the assessee has only transferred the right in land for a valuable consideration; therefore, the long term capital gain cannot be calculated by invoking the deeming provisions provided under section 50C. Facts of the Case The assessee is a pensioner from University ...