Transfer of Leasehold Right not warrant invoking of section 50C(1)

Shri Narendra Shantikumar Firodia Vs DCIT (ITAT Pune)

Phraseology in section 50C(1) of the Act only covers exclusively land or building or both and does not refer to any right in land or building. Thus, the expression land or building in its coverage is quite distinct from the expression any right in land or building. The legislature, in its wisdom, for the purpose of section 50C without referring to section 2(14) of the Act, has used the expression land or building or both

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