It can be argued that tenancy rights acquired free after Assessment Year 2017-18 are not taxable under Section 56(2)(x) because they do not squarely fit the definition of “immovable property” (land or building) as outlined in the section. However, this depends on the specific facts:

If the acquisition involves only the tenancy rights and not the underlying immovable property, Section 56(2)(x) does not apply.

If it involves the transfer of land or building along with tenancy rights, the stamp duty value of the immovable property would be considered, and tax could apply if it exceeds ₹50,000.

As the query is factual in nature, it is advisable that you consult a tax professional who will examine the exact nature of the transaction and any associated property transfer and provide a definitive answer.