Held that the assessee had transferred the development rights in the plot of land to the builder. The offer letter dated October 4, 2000 was accepted by the builder and advance payment was made. Possession of the plot of land was taken by the builder in the year 2001. The bank statement of the assessee-society showed that the amount of Rs. 6,00,000, was paid by the builder on November 25, 2000, while an amount of Rs. 5,33,350, was paid in the year 2001. Thus, all the essentials of a contract, i. e., offer, acceptance and consideration were fulfilled.\u00a0 Therefore the factual and legal position, development rights in the plot of land were transferred to the builder in the financial year 2000-01. Since the provisions of section\u00a050C\u00a0of the Act were inserted in the Act with effect from April 1, 2003, they were not applicable.(AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Development rights-Transfer of development rights took place in Financial year 2000-01-Provisions of Section 50C inserted with effect from 1-4-2003 provision is not Applicable [S. 2(47)(ii), 45] <\/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-36090","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9o6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36090","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=36090"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36090\/revisions"}],"predecessor-version":[{"id":36091,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36090\/revisions\/36091"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}