Deeming Provisions of Section 50C Not Apply to Leasehold Rights: ITAT Delhi

Shivdeep Tyagi Vs ITO (ITAT Delhi)   Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Shivdeep Tyagi vs Income Tax Officer (ITO), clarified that the deeming provisions of Section 50C of the Income Tax Act, 1961, do not apply to leasehold rights. This decision highlights the specific applicability of Section 50C to capital assets classified as land or buildings and not to leasehold interests. The ruling serves as a precedent for similar cases, offering clarity on the tax implications of leasehold property transactions. Detailed Analysis: Th...