The Appellate Tribunal held the expression ‘land or building’ in its coverage is quite distinct from the expression ‘any right in land or building’. The legislature, in its wisdom, has used the expression ‘land or building or both’ in section 50C(1) of the Act, and not the expression ‘any right in land or building’.  Thus, section 50C covers only capital asset being land or building or both and it would not cover transfer of leasehold rights in land and building. (AY. 2015-16)