Section 50C not attracted in case of transfer of leasehold rights

DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclude that the learned CIT(A) has rightly adopted stricter construction whilst accepting the assessee’s arguments. We also deem it proper to quote hon’ble apex court’s recent landmark decision in Commissioner of Customs Vs. Dileep Kumar & Co...