Thats down to Newtons 3rd: every action has an equal and opposite reaction.
The tension acts upwards on things it pulls up and downwards on things it pulls down so it cancels itself out if you consider the whole system but because we're only considering the one ring then you only think about the forces acting on that ring.
btw, the latex command for greek symbols is /symbol. eg /mu, /delta etc within latex tags ([*latex] without the stars)