Transfer of lease right in land and transfer of building being two different assets, Sec.50 applicable only on transfer of building

Brief of the Case ITAT Mumbai held In the case of DCIT vs. J.B. Eng. Works that that the assessee had transferred independent interests in two different assets and therefore the Capital Gains arising on the assignment of leasehold interest in the land being a capital asset was rightly offered for tax as Long Term Capital Gains and the consideration attributable to the transfer of the building was rightly offered for tax as Short Term Capital Gains u/s 50. No interference is called for therein and therefore same are upheld. Facts of the Case Addition on account of sale of land During the course...