Capital gains arising from transfer of the Development right to attract the provisions Section 50C of the Act

Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Arif Akhatar Husssain (ITA No. 541/Mum/2010) held that the provisions of Section 50C of the Income-tax Act, 1961 (the Act) is applicable to the capital gains arising on transfer of Development Rights by the taxpayer. Background Section 50C of the Act, provides that if the consideration received or accruing to a taxpayer on transferring of any land or building is less than the value adopted by any Stamp Valuation Authority for the purpose of payment of stamp duty in respect of such transfer, the value so a...