Long term Lease is not transfer

The Income Tax Appellate Tribunal, Nagpur Bench, held that the grant of a long-term lease, by itself, does not constitute a "transfer" of a capital asset under Section 2(47) of the Income-tax Act. 

The Tribunal ruled that a genuine lease cannot be recharacterised as a sale or deemed transfer merely because of its duration, particularly in the absence of any agreement to sell or any arrangement intended to circumvent capital gains taxation. 

Consequently, the addition made under Sections 50C and 45 was deleted.