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TMI Blog2013 (4) TMI 340X X X X Extracts X X X X X X X X Extracts X X X X ..... pital rights attached to the 'land or building or both' and however, they are not covered by the definition of 'land or building or both' specified in the provisions of section 50C, which is marked as deemed provisions. The deemed provisions are not to be extended to items of capital assets which are not mentioned in section 50C and it is the settled legal position. Therefore, considering the above settled nature of the issue the provisions of section 50C which is the deeming fiction of substituting the value adopted or assessed or assessable by the stamp valuation authority only in respect of land or building or both cannot be extended or extrapolated to the transaction of transfer of the tenancy rights. Accordingly, grounds raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue essentially relates to if the provisions of section 50C of the Act apply to the capital rights earned on transfer of the tenancy rights. Ld Counsel brought our attention to the expressions used in the said provisions of section 50C ie "land or building or both" and mentioned that the same is applicable to the capital assets being "land or building or both" only. Further, he mentioned that the tenancy rights being neither of them, the provisions of section 50C of the Act have no application. For this proposition, the Ld Counsel brought our attention to the contents of para 4 of the impugned order where the CIT (A) granted relief to the assessee, relying on the decision of the Division Bench of this Tribunal in the case of Smt. Kishori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al in the case of Arif Akhtar Hussain vs. ITO vide ITA No.541/Mum/2010 (AY 2006-2007), which was relied upon by the Revenue. In this regard, we have perused the relevant portion of this order in the case of Shri Atul G. Puranik vs. ITO (supra) and the same is extracted as under: "(iv) That under section 50C the deeming fiction of substituting adopted or assessed or assessable value by the stamp valuation authority as full value of consideration is applicable only in respect of land or building or both. If the capital asset under transfer cannot be described as "land or building or both", section 50C will not apply. The lease rights in a plot of land are neither "land or building or both" nor can they be included within the scope of "land ..... X X X X Extracts X X X X X X X X Extracts X X X X
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