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Section 50C cannot be invoked in respect of TDR Rights
Case Law Details
- Case Name
- Sri Justice B. Subhashan Reddy (HUF) Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Hyderabad
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Sri Justice B. Subhashan Reddy (HUF) Vs ACIT (ITAT Hyderabad)
The issue under consideration is whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rights as the same would not come within the meaning of “immovable property”?
ITAT states that it is pertinent to mention that the provisions of section 50C was introduced to curb the menace of unaccounted cash being infused in the real estate transactions. Quite often the actual sale consideration paid for acquiring immovable property is more than th...
