Held that provision of section 50C is applicable only on transfer of a capital asset being land or building or both and does not apply to transfer of development rights in land. Notionally assigned development rights in favour of partnership firm and there was no actual transfer of land or building, provision of section 50C is not applicable on such notional assignment of development rights. (AY. 2012-13)
DCIT v. Minal Urmil Shah. (2025) 211 ITD 136 (Ahd) (Trib.)
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of development rights-Notionally assignment of development rights-Provision is not applicable.[S. 45]
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