Land was purchased in the name of the assessee and her husband. The assessee and co-owner gave development rights to the partnership firm in which she was a partner. The Assessing Officer applied Section 50C, determining a notional value based on jantri rates. Based on the submissions, ITAT held that, the land actually belonged to the partnership firm, with the assessee merely acting as a name-lender. Hence, no short-term capital gains were chargeable in the hands of the assessee because she acted only as a name-lender for the partnership firm. Applicability of S. 50C failed since it was not applicable as there was no actual transfer of land or building, but only a notional assignment of development rights.(AY. 2012-13)