Case Law Details
Ganadhiraj Co–operative Housing Society Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that development rights in the plot of land were transferred to the builder in the financial year 2000–01. Provisions of section 50C were effective only from 1st April 2003 and hence the same are not applicable in the present case.
Facts-
On the basis of information received from CIB/AIR that assessee had purchased and sold immovable property for Rs. 1,59,91,002 and Rs. 98,08,500, respectively, during the year under consideration, which has not been declared in the return of income for AY 2010–11, reassessment proceedings were initiated in the case of the assessee and notice under section 148 of the Act was issued.
During the course of reassessment proceedings, assessee submitted that the property was purchased and occupied by the assessee society since 1969. As the seller of the property had expired, the conveyance deed of the property was not executed in its favour by the legal heirs of the seller and therefore, the name of the society was not entered in the land revenue records.
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