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TMI Blog2016 (7) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... to only to transfer of land and building or both - Held that:- The impugned order of the Tribunal allowed the respondent – assessee's appeal by following its own decision in Atul G. Puranik V. ITO [2011 (5) TMI 576 - ITAT, Mumbai] as held that Section 50C of the Act would apply only to a capital asset being land or building or both and it cannot apply to transfer of lease rights in a land. No sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of leasehold rights amounted to transfer of capital asset as envisaged in Section 50C of the Act ?" 3. The only grievance of the revenue in this appeal is that the provisions of Section 50C of the Act mandates that where a transfer of capital asset being land or building or both is for consideration less then its value as adopted/assessed by the State Government for the purpose of stamp duty t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uranik (supra). This inference is drawn as no evidence of filing an appeal from the order of the Tribunal in Atul G. Puranik (supra) is produced. The fact situation in both Atul G. Puranik (supra) and this case is identical as no distinction in facts of the present case from those arising in Atul Puranik (supra) has been pointed out. 6. In above view the question as framed does not give any rise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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