The Assessee\u00a0 purchased\u00a0 the Transfer of\u00a0 Development rights (TDR).\u00a0 The stamp duty payable was higher than the actual consideration\u00a0 paid by the assessee. The Assessing Officer treated the difference as deemed consideration liable to taxed\u00a0 as per provisions of section 56(2)(vii)(b) of the Act\u00a0 which was affirmed by the CIT (A). On appeal the Tribunal held that\u00a0 the capital asset transferred is Development rights in the land and not the land itself. After comparing the provision of section 50C and 269UA, the Tribunal held that the provision of section 50C cannot be invoked. Addition was deleted.\u00a0 (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources-Transferable Development Rights (TDR)-Shown as stock in trade-Deemed consideration-Provision section 50C is not applicable-Deemed consideration cannot be assessed as per section 56(2)(vii (b)) of the Act. [S. 50C, 56(2)(vii)(b), 269UA] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-24672","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6pW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=24672"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24672\/revisions"}],"predecessor-version":[{"id":24673,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24672\/revisions\/24673"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}