Provisions of section 50C doesn’t apply as development rights transferred before 1st April 2003

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...