Section 50C Not Applicable to Cash Compensation for Non-Delivery of Flats: ITAT Mumbai

Suvarna Chandrakant Bhojane Vs ITO (ITAT Mumbai) The appeal by Suvarna Chandrakant Bhojane (Appellant) contested the Revenue’s application of Section 50C to cash compensation received under a Development Agreement. Dispute and Lower Authority’s Action The Appellant had entered into a Development Agreement to give her land to a builder, expecting a share of flats in return. When the builder failed to deliver the flats within the stipulated 44 months, the Appellant received Rs. 1.85 crore as full and final cash compensation (her 50% share of the total consideration). The Appellant of...