S.50C Applicable to Transfer of Capital Asset of Land or Building not to Transfer of Rights: ITAT [Read Order]

S.50C Applicable to Transfer of Capital Asset of- Land or Building not to Transfer of Rights - ITAT - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Section 50C of the Income Tax Act 1961 is applicable to transfer of capital asset of land or building and not to the transfer of rights. The assessee, Fashion Group International, was a partnership firm, claimed a long term capital loss in…

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