Transfer of development rights or transfer of property? Is S.50C applicable?

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Last updated: 08 January 2021
Quick Summary
This case examines whether Section 50C of the Income Tax Act, which deals with the deemed sale consideration of property, applies to the transfer of development rights. The assessee argued that Section 50C was incorrectly invoked as they only transferred development rights, not ownership of the land. Furthermore, they contended that a significant portion of the land was a non-construction green belt, located in an ecologically sensitive area, and reserved for economically weaker sections, making the departmental valuation inappropriate.

Court :
ITAT Mumbai

Brief :
This appeal by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-59, Mumbai (‘ld.CIT(A) for short) dated 23.01.2019 and pertains to the assessment year (A.Y.) 2009-10.

Citation :
ITA No.1582/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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