Section 50C not applicable to transfer of development rights of land: ITAT Pune

Smt. Vimal Baburao Jadhav Vs ITO (ITAT Pune) The case of Smt. Vimal Baburao Jadhav Vs ITO before ITAT Pune involved a dispute over long-term capital gains (LTCG) taxation for Assessment Year 2007-08. The primary issue was whether Section 50C of the Income Tax Act, 1961, applied to a development agreement executed by the assessee. The Assessing Officer (AO) had determined the capital gains based on the stamp duty valuation of ₹70 lakh, while the assessee claimed she received only ₹36 lakh as consideration. Additionally, she contended that the transfer of ownership occurred in a later assess...