Section 50C not applicable on sale of rights in land

Brief of the case: ITAT Held in ITO vs Tara Chand Jain that the amendment in sec 50C which inculcates word “assessable” would have prospective effect from the date of its insertion i.e from 01-10-2009 and would not have retrospective effect on the sale of property before 01-10-2009 so in the present case the assessee had sold the property rights in 2007 so sec 50C would not be applicable in the above case because limited rights could not be equated with the ownership of the land or building or both. The income tax cleary recognized the distinction between the land or building or any right ...