ITAT held that the impugned receipts, received by a housing...

ITAT held that the impugned receipts, received by a housing society from occupying tenants on admission as members, constituted capital contributions/membership fees towards a building repair and development fund and not consideration for transfer within the meaning of s.2(47). The Tribunal found the receipts arose pursuant to membership admission terms and the conveyance/committee records, and that the allottees merely became class members while already in occupation. Consequently, s.50C valuation provisions were inapplicable and the Assessing Officer's addition under s.50C was unsustainable; the addition was deleted and the assessee's appeal allowed.