Section 50C not applicable to assignment of development rights: ITAT Bangalore

Smt. Sowmya Sathyan Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore heard an appeal filed by Smt. Sowmya Sathyan challenging the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Mysuru, for the assessment year 2014-15. The primary dispute revolved around the tax treatment of Transferable Development Rights (TDR) acquired by the assessee. The Assessing Officer (AO) had invoked Section 56(2)(vii)(b) of the Income Tax Act, treating Rs. 4.02 crores as deemed consideration based on the stamp duty value of the TDR transaction. The CIT(A) upheld this assessment, ...