Provision of section 50C doesn’t apply on transfer of development rights in land

DCIT Vs Minal Urmil Shah (ITAT Ahmedabad) ITAT Ahmedabad held that the development rights in the land were not the land itself and, therefore, the provision of section 50C of the Income Tax Act was not applicable on transfer of development rights in the land. Facts- The case of the assessee was reopened u/s.147 of the Act on the basis of information received by the AO that the assessee had not disclosed capital gain to the extent of Rs.3,89,25,000/-. It transpired that a land was purchased by the assessee along with Smt. Hemlataben N Parmar for a consideration of Rs.1,45,75,000/-. Later on, th...