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TMI Blog2018 (5) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... d? As no appeal had been filed by the Revenue for the order of the Tribunal in the case of Atul Puranik (2011 (5) TMI 576 - ITAT, Mumbai) which had held that section 50C of the Act will not apply to transfer of leasehold rights in land and buildings. However, at the time when both aforesaid decisions in Greenfield Hotels and Estates (2016 (12) TMI 353 - BOMBAY HIGH COURT) and Heatex Products P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot come into operation where leasehold rights in land are transferred? 3. The impugned order of the Tribunal while allowing the respondent assessee's appeal had placed reliance upon its own decision in Atul G. Puranik Vs. ITO, 58 DTR 208 and in ITO Vs. Pradeep Steel Re-Rolling Mills Pvt. Ltd . (ITA No.341/Mum/2010, dated 15th July, 2011) to hold in favour of the respondent assessee on an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal No.75 of 2012 and the same was admitted on 26th June, 2014. However, the same was withdrawn in view of the low tax effect on 8th September, 2016. 6. On the other hand Ms.Choudhary learned counsel for the Respondent placed reliance on the decisions of this Court in Commissioner of Income-Tax vs. Greenfield Hotels and Estates Pvt. Ltd [2016] 389 ITR 68 (Bom) and Heatex Products Pvt. Ltd. (s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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