Section 50C Applies to Transfer of Land to Govt-Linked Housing Society; ITAT Upholds Section 263 Revision

New India Cooperative Housing Society Ltd. Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai dismissed the assessee’s appeal and upheld the applicability of Section 50C of the Income-tax Act, 1961 in relation to the transfer of land by a cooperative housing society. The Tribunal also upheld the jurisdiction exercised by the Principal Commissioner of Income Tax (PCIT) under Section 263 while directing the Assessing Officer (AO) to provide the assessee an opportunity to raise objections regarding the valuation adopted for the property and to refer the matter to the Depa...